World statistical data

EU sunflower oil price, fob NW Eur (€/tonne)

Vegetable oil prices (€/tonne)

EU biodiesel price, DR07 0 biodiesel whs DE (€/tonne)

Prices of selected oils (US$/tonne)

Apr 21 May 21 Jun 21 Jul 21 Aug 21 Sept 21 Soyabean 1,369.2 1,427.1 1,352.6 1,414.5 1,389.9 1,364.6 Crude palm 1,000.1 1,128.9 1,021.8 1,053.0 1,118.4 1,173.1 Palm olein 921.6 1,046.6 943.9 990.1 1,069.2 1,144.9 Coconut 1,554.0 1,633.9 1,580.5 1,522.5 1,456.6 1,485.2 Rapeseed 1,339.1 1,386.6 1,302.0 1,367.3 1,425.2 1,505.1 Sunflower 1,589.4 1,595.0 1,314.5 1,213.0 1,297.7 1,313.6 Palm kernel 1,430.4 1,464.1 1,355.0 1,236.1 1,299.1 1,370.5 Average 1,315.0 1,383.0 1,267.0 1,257.0 1,294.0 1,337.0 Index 312.0 328.0 300.0 298.0 307.0 317.0

STATISTICAL NEWS

EU sunflower oil market

The Mintec Benchmark Price (MBP) for EU sunflower oil rose 14% to €1,244/tonnes on 11 October. Prices recovered by 29% from 18 June, when the market hit €960/ tonne, the lowest value in 2021.

As prices had fallen significantly up until June, EU sunflower products had become more attractive, spurring demand for the product. The trend is now more in line with the 2020 bullish run and the oil remains cheaper compared to soyabean and rapeseed oils, which has added to its competitiveness. Additionally, increased global sunflower oil consumption due to a recovery from the COVID-19 pandemic, particularly from India, has added to upward pressure on sunflower oil prices.

However, an increase in expected production in the 2021/22 marketing year still poses a downside risk for the sunflowerseed and oil market, with record-level sowings in both Ukraine and Russia during the 2021 planting period.

Palm oil

The Mintec Benchmark Price (MBP) for EU palm oil increased by 15% month-on-month to €1,123/tonne on 11 October. The price increased on the back of a significant recovery in Indian palm oil imports, with 1.4M tonnes imported in September, a record month. Imports climbed due to a reduction in the effective import tax rate from 30.25% to 24.75% on 11 September. This was amid increased demand for edible oils ahead of key festivals such as Diwali and Dussehra and the wedding season during fourth quarter 2021.

The upward trend in prices is likely to continue going forward due to a bullish wider global vegetable oil complex, as well as delays in soyabean harvesting in India, which has increased the country’s reliance on imported palm oil. Additionally, palm oil remains the cheapest vegetable oil in the complex, thus maintaining its competitiveness globally.

Biofuel market

The EU biodiesel price increased by 22% month-on-month to €2,475/MT on 6 October. The price surged due to increases in the crude petroleum oil market, which has a positive correlation with biofuel prices, as well as an increase in the vegetable oils which act as feedstocks. Brent crude prices on the EU Intercontinental Exchange (ICE) increased by 13.74% month-on-month to US$82.92/ barrel on 11 October, while the Mintec Category Index for EU vegetable oils increased by 2.38% to €1,041/tonne on 22 September. Increasing global commitments to more sustainable energy usage has added to demand for biofuels. The market is likely to push higher over the coming months, driven primarily by the COVID-19 recovery in demand affecting both crude oil and vegetable oil markets.

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