India is going to import less Ukrainian sunflower oil in MY 2024/25

In 2024/25 MY, India is going to import less Ukrainian sunflower oil, said Anil Bagani, the head of commodity markets research at Sunvin Group India, at Trend & Hedge Club.

“We forecast the crude sunflower oil imports to India at 3.4 mln tonnes in 2024/25 MY, down from 3.5 mln tonnes in 2023/24 MY. To achieve this goal, we will have to buy more Russian, Argentine and possibly European sunflower oil rather than Ukrainian. Ukraine suffered from the heat wave that hit the harvest. The sunflower harvest here will be about 12.5 million tons, and the oil content of the crop will decrease,” Bagani explained.

Sunvin Group forecasts crude palm oil imports to India in 2024/25 MY at 9.3 mln tonnes, up from 9.2 mln tonnes in the previous season. However, Bagani noted that India will face some problems in the import of crude palm oil due to the policy of Indonesia, which aims to increase the export of processed products, not crude palm oil.

The forecast of soybean oil imports for 2024/25 MY is 3.3 mln tonnes, compared to 3.2 mln tonnes in the previous season.

“This year, Argentina will almost double its soybean harvest. So, there is enough soybean oil from Argentina. But this is not the case for Brazil, as they themselves consume more soybean oil because of their biodiesel policy. Thus, they have about 1.6-1.7 mln tons of soybean oil export potential this season,” Bagani added.

Tags: Ukraine, sunflower oil, India