Rapeseed oil prices are likely to fall in the medium term and could pull down sunflower oil prices, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Vegetable oil prices are increasingly being influenced by trends in other commodities, including energy and metals, it said. But rapeoil is overvalued compared to fossil fuels.
"In view of the possible sustainability in the energy sector, prices of crude palm oil and soyaoil are currently undervalued relative to crude mineral oil," it said.
"This is not the case for rapeoil prices, which were recently not only far above those of other vegetable oils but also expensive relative to energy prices." EU rapeseed selling prices were considerably above purchase offers in recent days, it said.
"A setback in rapeoil prices appears likely in the medium term. In this case we also expect an easing of sunoil prices."
The recent rise of $50 to $60 in sunoil prices has sufficiently covered the expected cut in Russian and Ukrainian sunoil exports, it said.
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