India’s soybean oil intake rise in July; Brazil increases shipments
Aug, 04, 2022 Posted by Gabriel MalheirosWeek 202231
India’s soybean oil imports in July more than doubled from a month ago to a record high as refiners ramped up purchases to take advantage of New Delhi’s move to allow duty-free vegetable oil imports to calm all-time high prices, five dealers said.
Higher soyoil purchases by the world’s biggest edible oil importer will support U.S. soy oil prices but will dent rival palm oil’s share in Indian buying and force Malaysian and Indonesian sellers to offer discounts to regain the market share, trading sources said.
The country’s soyoil imports in July jumped 113% from a month ago to a record 493,000 tonnes, according to the average estimate from five dealers with global trading firms that account for more than 80% of India’s soyoil imports.
“Refiners rushed to buy soyoil after the government allocated tariff-rate quota for the imports,” B.V. Mehta, executive director of Solvent Extractors’ Association of India, said.
India traditionally buys soy oil from Argentina and Brazil, but in the past few months, have also made purchases from the United States, Russia, and Turkey, said a New Delhi-based dealer with a global trading firm.
Brazil’s vegetable oil industry association, Abiove, has repeatedly raised its forecasts for foreign product sales in the face of intense demand, with total soy oil exports increasing 65% in the first half compared to the same period in 2021, according to government data.
In June, Brazil exported a total of 317,500 tonnes, 161,500 to India.
See below the track record of the Brazilian soybean oil exports shipped between January 2021 and June 2022. The data is from the DataLiner.
Soybean oil exports from Brazil | jan 2021 – jun 2022 | WTMT
Source: DataLiner (click here to request a demo)
In late May, India allowed duty-free imports of 2 million tonnes of soybean and sunflower oil for the current and upcoming fiscal years ending March 31 to curb local edible oil prices.
Soybean oil usually accounts for a fifth of India’s total vegetable oil imports, but traders said its share could rise to a third this year.
Source: Money Times
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