FAO Vegetable Oil Price Index reduced in March
The FAO Vegetable Oil Price Index averaged 127.6 points in March, down 5.9 points (or 4.4 pct) from the previous month, mostly reflecting weakening values of palm, soy and rapeseed oils.
"International palm oil prices contracted in March after three consecutive rises, underpinned by renewed concerns over subdued import demand and stock build-ups in key producing countries. At the same time, quotations for soy oil retreated as profitable margins continued to boost crushing in the United States, while rapeseed oil prices dropped to an 11 month-low, tied to accumulating rapeseed inventory levels in Canada and promising crop prospects in the Black Sea region," the report says.
As previously reported, the FAO Dairy Price Index averaged 204.3 points in March, up 11.9 points (6.2 pct) from February, registering a third consecutive increase.