Indore
India has made a record 1.5 million tonnes of crude soybean oil from China for December delivery. Sugar oil prices are $ 15–20 per tonne below South America. Transit time for India is also only 2–3 weeks, making importers saving both time and cost.
China has deposited large amounts of soy oil stock due to record soybean imports, to reduce which it is dealing with India at a competitive rate of $ 1,140 per tonne. India used to ask for soy oil from Argentina and Brazil, this time till now.
China, which has been an importer generally, has now emerged as exporter due to surplus stock. India imports about two-thirds of its total edible oil requirement and if Chinese offers remain at the current level, there is a possibility of further shopping. Keeping this in mind, there is no major boom in edible oils.
Here, imports of cheap edible oils will increase the problems of Indian farmers. Especially soybean can become a factor to reduce the price of their yield for farmers. Here, due to limited inquiries in soy oil and being tight, they have been spoken strongly.
