FAO – Monthly Price Update, July 2024

In July 2024, the FAO Monthly Price Update reported a decline in the oilseed price index, reaching its lowest level since November 2020, while the oilmeal and vegetable oil indices increased from the previous month. The decrease in oilseed prices was mainly driven by lower soybean and rapeseed prices, offsetting higher sunflower seed prices. The decline in international soybean prices was influenced by a favorable production outlook in the US and subdued import demand. In contrast, rapeseed prices slightly contracted due to favorable weather conditions in Canada, but recovered later in June due to lower crop prospects in the EU. Sunflower seed prices rose for the second consecutive month due to deteriorating weather conditions in Russia. The increase in the oilmeal price index was driven by higher soymeal quotations, supported by recovering global feed demand. Vegetable oil prices increased due to higher quotations in palm, soy, and sunflower oils, with palm oil prices rebounding after two months of decline. Soy and sunflower oil prices continued to rise, while rapeseed oil prices remained stable compared to the previous month.