New York August 6 2022: FAO's vegetable oil price index fell to a 10-month low to 171.1 points in July, down 19.2% from June.
The drop was driven by falling prices of palm, soybean, rapeseed and sunflower oils as Indonesia, the world's largest vegetable oil exporter, looked to boost exports while demand stayed sluggish through the month.
The price of crude palm oil FOB Indonesia fell 17.6% in July and was assessed at $937/mt on Aug. 4, according to Platts pricing data from S&P Global Commodity Insights. In the same time, sunflower oil FOB Black Sea price fell 7% and soybean oil FOB Brazil Paranagua fell 8%.
Lower crude oil prices also exerted pressure on vegoil values, the FAO said.