In May, India sharply increased its import of vegetable oils, but primarily cheap palm oil, therefore world prices did not receive support

According to SEA, as of May 1, vegetable oil stocks in India decreased to the lowest level since July 2020 at 1.35 million tons due to a reduction in imports during January-April against the backdrop of a sharp increase in palm oil prices. In May, the country increased vegetable food oil imports by 37% compared to April to a 6-month high of 1.18 million tons, including sunflower oil by 2% to 184,000 tons, soybean oil by 10% to a 5-month high of 398,000 tons, and palm oil by 87% to a 6-month high of 600,000 tons, as its price was lower than soybean and sunflower oil prices. Processors increased purchases, which supported palm oil prices in Malaysia. According to surveyors AmSpec Agri Malaysia and Intertek Testing Services, palm oil product exports from Malaysia in May grew only by 13.2-17.9%, indicating increased competition with Indonesia in the Indian market. July palm oil futures on the Bursa exchange in Malaysia rose only 2% to 3,950 ringgits/ton or $930/ton against the ...