India's palm oil imports fall in August; soybean oil purchases rise

Published 2024년 9월 3일

Tridge summary

In August, India's palm oil imports dropped by 27% from the previous month due to high inventories and negative profit margins, prompting refiners to reduce purchases. This decline may lead to increased palm oil stocks in major producers Indonesia and Malaysia, potentially impacting benchmark futures. Additionally, India's sunflower oil imports fell by 21%, resulting in a 17% overall decrease in edible oil imports to 1.53 million tons. Conversely, soybean oil imports rose by 16% to 456,000 metric tons. To support local farmers affected by lower oilseed prices, India is considering raising import duties on vegetable oils.

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Original content

By Rajendra Jadhav MUMBAI (Reuters) - India’s palm oil imports in August fell by more than a quarter from the previous month as ample inventories and negative margins prompted refiners to cut back on purchases of the vegetable oil, five dealers said on Tuesday. The reduced purchases by the world’s largest importer of vegetable oils could lead to higher palm oil stocks in top producers Indonesia and Malaysia, weighing on benchmark futures. Palm oil imports fell 27% in August from the previous month to 791,000 metric tons, according to dealers’ estimates. “In July, imports were substantially higher than local requirements, so refiners have cut back on imports this month,” said Sandeep Bajoria, chief executive officer of Sunvin Group, a vegetable oil brokerage. “Also, after the recent increase in palm oil prices, it has become as expensive as soybean oil, which does not encourage the purchase of palm oil.” Palm oil typically trades at a discount to light oils, but is currently being ...

Source: NoticiasAgricolas