Vegetable oils rose in price in August by 0.8 percent compared to July. The Food and Agriculture Organization of the United Nations reported.
According to its data, oil prices in August reached their highest level since January 2023.
«This is due to an increase in global palm oil prices, which offset a decrease in soybean, sunflower and rapeseed oil prices. Global prices for it have been rising for the third month in a row. The rise in prices was also facilitated by the fact that, despite the seasonal increase, production potential in Indonesia has not been fully realized,» the statement says.
Global soybean oil prices, on the contrary, fell due to the preservation of favorable prospects for the global soybean harvest in the 2024-2025 season.
It is noted that after continuing growth for many months in a row, world prices for sunflower and rapeseed oil also fell significantly, mainly under the influence of, respectively, a decrease in demand on world markets and the seasonal factor of a high rapeseed harvest in Canada.
