- Key Indicators: Global freight prices averaged USD 3,548.52 per 40-foot container in Nov-24, a 1.02% month-on-month (MoM) increase. The rise is attributed to frontloading in anticipation of a potential International Longshoremen’s Association (ILA) port strike in Jan-25 and expected tariff increases stemming from the recent United States (US) election outcomes. Meanwhile, the World Bank's fertilizer index dropped to an average of 119.72 points in Nov-24, a 3.05% MoM decline. This drop was primarily driven by falling urea prices, which offset moderate increases in potassium chloride and diammonium phosphate (DAP) prices. The Food and Agriculture Organization (FAO) Vegetable Oil Price Index averaged 164.1 points, marking a 7.47% MoM increase driven by higher prices for palm, rapeseed, soy, and sunflower oils.
- Soybean Oil: US soybean oil prices are expected to stabilize due to increased crushing activity. In Argentina, price stability is also expected due to improved supply conditions.
- Palm Oil: Heightened demand is set to keep palm oil prices firm in Malaysia.
- Sunflower Oil: Ukraine expects a decline in sunflower oil prices in Dec-24 due to ongoing volatility in the sunflower oil export market. An increase in export duties is expected to curb price growth, while reduced production is set to maintain elevated prices throughout Dec-24.
Part I: Key Indicators
- Freight
- Fertilizer
- FAO Vegetable Oil Index
Part II: Soybean Oil
- United States
- Argentina
Part III: Palm Oil
- Malaysia
Part IV: Sunflower Oil
- Ukraine
- Russia
- European Union
Trade4go
Dec 19th, 2024
