Lang
The FAO Vegetable Oil Price Index averaged 161.8 points in March, up 5.8 points, or 3.7%, from the previous month, and remains sharply higher — by 23.9% — than its level in the same month last year. The continued rise in the index is attributed to higher prices for palm, soybean, rapeseed and sunflower oils.
International palm oil prices rose for a second consecutive month, driven mainly by persistently tight supplies in the major producing countries of Southeast Asia, where output is at its seasonal low.
At the same time, global soybean oil offers increased, supported by strong global import demand thanks to its price competitiveness relative to other oils, even as demand from the biofuel sector weakened, particularly in the United States.
International rapeseed oil and sunflower oil prices also rose compared with February, reflecting lower supplies from major exporters alongside continued strong global import demand.