Ukraine: Imports of sunflower oil to India decreased by 19% in January due to Houthi attacks on ships in the Red Sea

Refined Soybean Oil
Published Feb 6, 2024

Tridge summary

India's palm oil imports dropped to a three-month low in January due to negative crude palm oil refining margins, leading refiners to increase their purchases of soybean oil instead. Palm oil imports decreased by 12% to 787,000 metric tons, and crude palm oil imports fell by 16% to 541,000 metric tons. Conversely, soybean oil imports saw a 24% increase to 190,000 tons. This decline in palm oil imports could result in higher palm oil inventories in Indonesia and Malaysia, potentially impacting futures.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

India’s palm oil imports fell to a three-month low in January as refiners increased purchases of rival soybean oil due to negative crude palm oil (CPO) refining margins, five dealers told Reuters on Monday. Reduced purchases by the world’s biggest importer of vegetable oils could lead to higher palm oil inventories at top producers in Indonesia and Malaysia and put pressure on futures. Palm oil imports in January fell 12% from the previous month to 787,000 metric tons, dealer estimates showed. Crude palm oil imports fell 16% to 541,000 metric tons last month, they said. Palm oil imports declined primarily due to a significant reduction in CPO purchases as processors saw large negative margins over refined bleached deodorized palmolein (RBD), said Rajesh Patel, managing partner of edible oil trader and broker GGN Research. “Imports of soybean oil increased as prices were highly competitive compared to palm products and refining margins were in positive territory,” he said. Soybean ...
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