India plans to raise import duties on vegetable oils

This is reported by Reuters with reference to its own sources. It is noted that such a decision, which may be taken in the coming weeks, will lead to a reduction in the demand and supply of palm, soybean and sunflower oil to the country. Amid rising oil prices, October palm oil futures on Bursa Malaysia rose 2.4% for the week to RM3,920/t, or $906.8/t (+6% for two weeks), despite on a decrease in export rates in August, reports GrainTrade. December soybean oil futures in Chicago rose 8.2% on the week to $930/t, fully reversing the monthly decline. The sharp increase in prices is due not only to the increase in the price of oil, but also to rumors about the US's intention to limit the import of used vegetable oil (UCO). According to Trading Economics, the average price of sunflower oil with delivery to buyers during the week increased by 2.3% to $928/t, but the demand prices for Ukrainian sunflower oil from EU buyers remained at ...