Scarcity of global supply has made vegetable oil prices soar in the past 6 months
Published Mar 30, 2021
Tridge summary
The amount of palm oil inventories at the end of February 2021 plummeted to a 3-month low, only 1.3 million tons, causing concerns about tight supplies, pushing up vegetable oil prices, amid a decrease in output. down to 1.11 million tons, the lowest level in 5 years.
Original content
In the past half year, soybean oil increased the most by 67%, sunflower oil prices up 42%, Malaysian palm oil up 42%, canola oil up 36%. Sunflower oil prices have exceeded 1,700 USD / ton; Ukrainian soybean oil is currently traded at around $ 1,500 / ton; Canadian rapeseed oil price is about 840 CAD / ton (equivalent to about 525 EUR / ton). With the rising prices of vegetable oils, many users have switched from expensive oils such as sunflower or soybean to palm oil - which are cheaper. Production and exports of soybean oil Ukraine 2020/21 are forecast to decrease compared to the previous year, reaching only 6,219 million tons and 5,780 million tons, respectively. Ukraine produced 7 million tons of sunflower oil and exported 6,632 million tons of this oil in 2019/20. The country's Ministry of Economy forecasts that the output of sunflower seeds in 2021 will reach 13.5 million tons, compared with 13.1 million tons in 2020. India is the leading importer of palm oil in the world. ...
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