Rapeseed oil prices are up 26.3% due to low production and higher palm oil prices. Global production in 2016/17 is forecast to be 26.6 million tonnes, down 4% year on year, while consumption is forecast to be 27.6 million tonnes. Ending stocks are estimated to be down 18% year on year to 4.5 million tonnes.
The price of palm oil has remained high as production is still recovering in Indonesia and Malaysia. Global production in 2016/17 is predicted to reach 65.5 million tonnes, which is up 10% year on year.
International price trends have led Thai rice prices to fall 4.6% month on month. The Thai government is considering stopping the sell-out of its stockpiled rice and setting a limited export price in order to tackle the low prices.