FAO – Monyhly Price Update, May 2024

In April 2024, FAO price indices for oilseeds and oilmeals continued to decline, with oilseed prices falling for the fifth consecutive month due to lower world quotations across soybeans, rapeseed, and sunflower seed. Despite slight declines in international soybean prices, factors such as a depreciation of the Brazilian real and disrupted harvesting operations in Brazil helped prevent further price drops. World rapeseed prices weakened due to ample global supplies outweighing potential production decreases in key regions. Sunflower seed prices also eased, driven by sufficient availabilities in the Black Sea region. The decrease in the oilmeal price index was primarily influenced by lower soymeal quotations, as ample soybean supplies in South America weighed on the market. Concerns over national strikes in Argentina affecting crushing facilities may disrupt soymeal trade temporarily. The vegetable oil price index showed a marginal increase from March, marking the first year-on-year rise since August 2022.