FAO Vegetable Oil Price Index down 10 pct

The FAO Vegetable Oil Price Index averaged 158.1 points in February, down 18.2 points (or 10.3%) from January and interrupting the upward trend recorded since July 2019.

"The sharp drop was led by palm oil, the dominant component of the index. International palm oil quotations fell by 12% month-on-month on higher than expected output in Malaysia, a temporary drop in Indian import demand and fears of a slowdown in global demand following the outbreak of COVID-19," the report reads.

Soy, sunflower and rapeseed oil prices followed palm oil downwards amid COVID-19 related concerns and, in the case of soyoil, reports of larger than anticipated inventories in the United States.

Previously reported that oilseeds export shipment from Ukraine in 2019 amounted to USD 2.5 bln, 32% more from 2018.