International sunflower oil prices recorded a sharp increase in September and reached multi-year highs, primarily fuelled by the concerns regarding crops in the Black Sea region – UN Food and Agriculture Organization (FAO) reports.
According to FAO, the fresh rise in the oilseeds index mainly reflects higher prices of soybean, sunflower seed and rapeseed. International soybean quotations maintained their upward momentum, notably during the first half of September. With regard to oil meals, FAO’s price index increased for the third consecutive month, mainly reflecting higher soymeal values. As for vegetable oils, the further increase in the price index primarily stemmed from rising price quotations for palm, sunflower seed and soy oils, and, to a lesser extent, rapeseed oil.
The month of September saw a further rise in all three FAO price indices tracking the oil crops complex. The price index for oilseeds rose for the fourth consecutive month, gaining 7.2 points (or 7.8 percent) and reaching its highest level since May 2018, while the index for oil meals increased 7.8 points (or 9.2 percent) to a two-year high. The vegetable oil index also rose by 5.9 points (or 6.0 percent), marking an eight-month high. All three indices fared markedly above their year-earlier levels – recent FAO statistics show.