India’s soybean oil imports hit record high, sunflower oil imports fall

is set to support global soybean oil prices, which have risen by 31% since the start of the year, while exerting pressure on Malaysian palm oil futures. According to dealer estimates, India’s soybean oil imports in the 2024/25 marketing year, ending in October, are likely to climb to 5.5 million tonnes, up from 3.44 million tonnes the previous year. Meanwhile, palm oil imports are expected to fall by 13.5% compared to last year, reaching 7.8 million tonnes, the lowest since the 2019/20 season. Sunflower oil imports may also decline by 20% to 2.8 million tonnes, marking a three-year low. Despite these shifts, the surge in soybean oil imports will drive India’s overall edible oil imports up by 1% to 16.1 million tonnes for the year. Palm oil has been trading at a premium for much of this year, prompting buyers to switch to soybean oil, noted B.V. Mehta, executive director of the Solvent Extractors’ Association of India (SEA). Soybean oil has been both cheaper and more abundant, ...