India buys record amount of soybean oil from China

hit a record high in May, allowing them to boost crushing and stockpiles amid weak demand. China is the world’s largest soybean importer. Indian importers had been buying soybean oil for delivery between September and December, with sellers offering discounts of $15-$20 a tonne compared with South American shipments, the sources said, asking not to be named because they were not authorised to speak to the media. “Chinese soybean crushers are struggling with excess soybean meal and soybean oil. “They are sending oil to India to reduce stockpiles,” a New Delhi-based dealer belonging to an international trading company told Reuters. India, which imports soybean oil mainly from Argentina and Brazil, has started buying from China because of the price advantage, the dealer said. China is traditionally a net importer of soybean and palm oil. Chinese crushers were offering crude soybean oil at around $1,140 a tonne, including cost, insurance and freight (CIF), for delivery in the December ...