FAO: Vegetable oil quotations at 20-month high

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FAO: Vegetable oil quotations at 20-month high - Business Mirror

Quick Summary:

The average international quotation for vegetable oil reached a 20-month high in August due to increases in palm oil prices, the Food and Agriculture Organization of the United Nations (FAO) reported Friday.

International palm oil prices rose for the third consecutive month.“Despite strengthening seasonally, the output in Indonesia remained below its full potential, providing support to global prices.

Meanwhile, after rising for multiple months, FAO said world prices of sunflower and rapeseed oils also dropped, largely reflecting a slowdown in global demand and a seasonal rapeseed harvest pressure in Canada, respectively.