Market Updates - Oil

7 June, 2021

Global vegetable oils have seen very high levels of inflation throughout 2020 and trend is continuing in 2021. 

Commodity prices for rapeseed oil have increased by over 80% in the last 12 months due to upward pressure from a decline in global supply. Reports show that production of Rapseed fell to 16.8million tones in 2020 a 14 year low caused by unfavourable weather conditions.

We are also seeing high commodity inflation for the other key vegetable oils with Sunflower, Soyabean and Olive Oil all showing increases over 50% in the last 12 months, again impacted by adverse weather conditions and the global economic recovery driving up the demand for Biofuels.

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