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RBD Palm Olein
$1207.5
Soybean Oil — Chicago (CBOT)
$441
Soybean Oil — Dalian (DCE)
$744
Sunflower Oil — FOB Black Sea
$1,370
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NewsOils and Fats Sector Coverage

EU Council Backs Delay to Deforestation Law Timeline

Fats and oils processing
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زيت النخيل أصبح وقودا لسيارات السباقات

Brussels, 20 November – The European Council in Brussels has confirmed its support for the proposed targeted amendment to the EU Deforestation Regulation, along with a 12-month postponement of its implementation date.

A statement from the European Council said the move represents the best way forward to ensure legal certainty for all stakeholders.

The Commission's proposal on the regulation needs to be adopted, signed and published in the Official Journal before 30 December 2024.

The delay will allow third countries, member states, operators and traders to fully prepare for their due diligence obligations, which require ensuring that certain commodities and products sold in or exported from the EU are free of deforestation. This includes products derived from cattle, wood, cocoa, soybeans, palm oil, coffee, rubber and certain products derived from them.

The Deforestation Regulation has already been in force since 29 June 2023, and its provisions were due to apply from 30 December 2024.

For more on the regulation, see the following article:

The EU Deforestation Regulation and Its Impact on the Oils and Fats Industry