Oils & Fats International (OFI) has teamed up with leading dairy industry market intelligence provider Vesper after adding vegetable oils as a new commodity class to its platform on 9 December.
“Commodities are seeing record prices as demand booms and supply chains face continued disruption,” Vesper founder Alexander Sterk said. “Much like dairy, the market for vegetable oils is extremely fragmented and opaque. With record palm oil prices, great uncertainty in soyabean quotes and poor rapeseed harvests, getting a grasp on the actual market fundamentals is much desired by buyers, traders and sellers.
“Entering into vegetable oils has always been the next logical step for Vesper - since the day we launched, we have received frequent customer requests to add vegetable oils to our platform”, said Sterk.
Leading agribusiness and consumer goods companies such as Nestlé and Danone were among those who trusted Vesper for their market intelligence needs and there was a lot of excitement amongst Vesper’s prospective and existing customers to try out the new vegetable oils platform, which would include feedstock prices; production and crush volumes; import/export figures; supply and demand graphs; and futures prices, Sterk added.
As one vegetable oil broker put it: “Vesper provides the ideal platform to stay on top of the day-to-day movements in vegetable oils and fats, as well as must-have in-depth information and interpretation of data for every market player.”
As part of its collaboration with Vesper, OFI is supplying up-to-date industry news, which forms the backbone of its oil crops and animal fats portfolio comprising the marketing-leading OFI magazine, newsletter and website.
Amsterdam-based Vesper was launched in 2018 and offers price and stock calculations, real time futures and forecasts using AI, along with its proprietary Vesper Price Index.