India reduced vegetable oil imports by 25% in December

India cut its edible oil imports by 25% in December to a three-month low of 1.19 million tonnes, with sunflower oil down 22% to 265,000 tonnes and palm oil down 40% to a nine-month low of 503,000 tonnes as prices surged, prompting processors to boost purchases of cheaper soybean oil, which rose 3% to a four-month high of 420,000 tonnes. A cut in palm oil imports by India, the world's largest buyer of vegetable oils, could push down base palm oil prices in Malaysia while supporting soybean oil prices in the US. Palm oil is usually sold cheaper than soybean and sunflower oil, but the reduction in stocks led to a sharp increase in its prices in November and December, as a result of which Indian importers began to actively buy soybean oil. Currently, palm oil prices are $100/t higher than soybean, so in January Indian buyers will continue to reduce its imports, - ...