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Vegetable oils prices added 6% in September
12 October 2020, 06:00
The FAO Vegetable Oil Price Index averaged 104.6 points in September, up 5.9 points (or 6.0%) from August and marking an eight-month high.
"The further increase of the index mainly resulted from rising palm, sunflowerseed and soy oil quotations. International palm oil prices rose markedly for the fourth consecutive month, tied to fresh global import demand as well as lower than expected inventory levels in Malaysia and uncertainties regarding the pace of production in Southeast Asia in the coming months," the report reads.
At the same time, international sunflower oil prices increased sharply in September, primarily fuelled by deteriorating crop prospects in the Black Sea region.
As for soyoil, international prices continued rising, supported by the slow pace of crushings in South America and firm demand from the biodiesel industry in the United States of America.
Previously reported that vegetable oils export from Ukraine in the 2019/20 season is estimated at USD 5.28 bln, 16.9% higher from the prior season.
