The average reading of the FAO vegetable oil price index fell further in June to 115,8 points, down 2,4 percent from May, according to the organization's press office. The current reading is the weakest since November 2020.
“The continued decline in the index is due to a fall in global palm and palm tree prices Sunflower oil attributed, while prices for soybean and Rapeseed oil increased slightly,” experts explained.
Palm oil prices fell for the second month in a row due to weak import demand and seasonal increases in production in the main producing countries.
Sunflower oil prices also continued to fall given the large supply on the market.
At the same time, world market prices for Soybean oil for the first time in several months, raising concerns about drought in some regions of the world USA is due.
Canola oil prices began to recover due to unfavorable weather conditions in some regions of Canada and Europe.
Source: oleoscope (Russian)