August 16, 2011

Global oilseed prices remain high on stock uncertainties

July oilseed prices worldwide remain solid as an extended tight supply and uncertainties in global soy and rapeseed output supported high values, said the UN's Food and Agriculture Organization Friday (Aug 12).

The FAO price index for oilseeds, which tracks changes in a basket of selected seeds, averaged 217 points in July, down 2 points from June.

The organisation said soy prices were set to stay strong due to "prolonged supply and demand tightness at global level as well as to weather related uncertainties regarding the 2011/12 crop."

FAO added the upcoming rapeseed crop was bound to fall for the second consecutive season.