India in November reduced the import of vegetable oils by 11.5%

According to dealers, in November, India reduced its import of vegetable oils compared to October by 11.5% to a 7-month low of 1.18 million tons, including sunflower oil by 44% to a 2-year low of 145 thousand tons, rapeseed oil by 50% to 5 thousand tons, and soybean oil by 12% to 400 thousand tons, of which 30 thousand tons were imported duty-free through the land border with Nepal. At the same time, the import of palm oil increased by 4.6% to 630 thousand tons due to the reduction in its prices, which led processors to prefer this oil, reducing purchases of expensive soybean and sunflower oil. The increase in India's import of palm oil will help its main producers—Malaysia and Indonesia—reduce stocks, which will support the base futures on the Bursa exchange and increase pressure on soybean oil prices in the USA. Indian buyers are increasing their purchases of palm oil with delivery within a month, as its prices are almost $100/ton lower than soybean oil and $200/ton lower than ...