India’s soybean oil imports hit a three-year high
India’s palm oil imports fell to their lowest since May in September as refiners switched to cheaper soybean feedstock and soybean oil, with supplies reaching a more than three-year high, the Edible Oils Association of India (SEA) reported on Wednesday.
India’s palm oil shipments in September fell 16.3% to 829,000 tonnes, the lowest since May, the industry trade body reported.
Soybean oil imports rose 36.8% to 503,000 tonnes, the highest since July 2022, while sunflower oil purchases increased by about 6% to 272,400 tonnes, the highest since January.
According to the trade body, the decline in palm oil shipments led to a 1% month-on-month decline in India’s total edible oil imports in September, to 1.6 million tonnes.
Lower palm oil imports into India, the world’s largest buyer of vegetable oils, are expected to put pressure on benchmark Malaysian palm oil futures while supporting US soybean oil futures.
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