FAO Vegetable Oil Price Index averaged 172 points in September
The FAO Vegetable Oil Price Index averaged 171.9 points in September, compared to 164.4 in August — rising for the second consecutive month and marking a 7-month high.
This is reported by FAO.
The gain was primarily driven by palm oil, prices of which strengthened amid lower than anticipated production in Southeast Asia and firm import demand fuelled by low inventory levels in main importing countries.
International soy oil prices also rose, mainly reflecting concerns about a slow start in plantings in South America, though the price increases were capped by larger than expected harvest estimates in the United States.
Continued firmness in rapeseed and sunflower oil values also contributed to the rise in the index.