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The FAO Food Price Index averaged 172.2 points in March, down 4.3% from February. Declines were led by sugar and vegetable oils, driven by COVID-19 demand contraction and a sharp fall in crude oil prices.
Weaker energy prices reduce biofuel demand for vegetable oils and sugar, pulling vegetable oil prices lower. Demand-side weakness from the pandemic points to continued softness in edible oil markets.
fao.orgFeb 4, 2020After 96 past bearish report events, Palm Oil moved a median -0.1% over 5 sessions (48% higher; middle half -1.3% to +1.6%), and -0.9% over 20.
After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
