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Global high prices for vegetable oil can further accelerate inflation

Published Jan 12, 2022

Tridge summary

Adverse weather for global oilseed growers is pushing rapeseed and canola prices to new highs and raising concerns about food inflation. This was reported by The Taipei Times with reference to Bloomberg. It is noted that futures have been on the rise for some time after last year's harvest in Canada and Europe was affected by burning drought and reduced crops, which led to a reduction in world rapeseed stocks to a four-year low.

Original content

Adverse weather for global oilseed producers is pushing rapeseed and canola prices to new highs and raising concerns about food inflation. This was reported by The Taipei Times with reference to Bloomberg. It is noted that futures have been on the rise for some time after last year's harvest in Canada and Europe suffered from burning drought and reduced crops, which led to a reduction in global rapeseed stocks to a four-year low. Concerns are also growing over the supply of competing vegetable oils: hot and dry weather has crippled soybean prospects in South America and floods have hit palm oil plants in Malaysia. The publication points out that as the recent crude oil rally also boosted demand for biodiesel crops, rapeseed futures in Paris and rapeseed in North America reached new all-time highs on Friday. Over the last year, rapeseed prices have almost doubled. "The situation is really tense, and there are still buyers," said Arthur Portier, an analyst at Agritel in Paris, an ...
Source: Agroconf
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