Palm oil has become cheaper than soybean oil again
The price correction has once again made palm oil cheaper than rival soybean oil, prompting buyers to step up purchases. Malaysian palm oil futures have fallen nearly 10% since the start of the year. Crude palm oil is currently trading at $1,050 a tonne for CIF delivery to India, while crude soybean oil is trading at $1,100 a tonne, according to traders. Against this backdrop, India has started to increase its palm oil purchases.
“Indians had stopped buying palm oil because it was too expensive. But now that it is cheaper than soybean oil, processors are placing orders,” said Sunvin Group CEO Sandeep Bajoria.
India imported 1.57 million tonnes of palm oil from December to March. May shipments are expected to exceed 500,000 tonnes and June shipments to exceed 600,000 tonnes.
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