SunSirs: The Global Plant oil Classification Price Index Rose 7.5% Month on Month in November
December 11 2024 08:59:24 SunSirs (Selena)
The report from the Food and Agriculture Organization of the United Nations (FAO) shows that the average plant oil classification price index in November was 164.1 points, an increase of 7.5% month on month, reaching the highest level since July 2022, due to rising prices for palm oil, rapeseed oil, soybean oil, and sunflower seed oil.
International palm oil prices have risen for the sixth consecutive month due to concerns that excessive rainfall in Southeast Asia could lead to lower than expected global production, resulting in palm oil maintaining a premium over alternative plant oils. At the same time, soybean oil prices continue to rise, mainly due to strong global import demand. Similarly, the rise in prices of rapeseed oil and sunflower seed oil reflects the prospect of global supply tightening.
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