FAO – Monthly Price Update, Sep 2024

In September 2024, the FAO price indices for oilseeds and oilmeals continued to decline, while the vegetable oil index increased for the third consecutive month. The oilseed index decreased due to lower prices of soybean and rapeseed, with sunflower seed prices remaining stable. International soybean prices fell but recovered towards the end of the month due to improved import purchases from China and concerns about dry conditions in Brazil. Rapeseed prices weakened slightly despite deteriorating crop prospects in Canada and the EU. Sunflower seed prices remained stable but higher than the previous year due to lower production outlook in the Black Sea region. The oilmeal price index was driven by lower quotations across soy, sunflower, and rapeseed meals. Soymeal prices declined for two months in a row, while sunflower and rapeseed meals also weakened to multi-month lows. The vegetable oil index increased due to higher palm oil prices offsetting lower soy, sunflower, and rapeseed oil prices. Palm oil prices rose for the third consecutive month, while soyoil prices declined due to ample global soybean production forecasts. Sunflower and rapeseed oil prices dropped due to a slowdown in global demand and seasonal harvest pressure in Canada.