India reduced the import of vegetable oils, however, China continues to prop up markets

According to preliminary estimates of experts of the Indian Agency GGN Research, India in August have reduced compared to July, total import of vegetable oils 17% from 1.52 to 1.3 million tons.

in Particular, reduced the import:

the

soya – 24% - with 484,5 to 391 thousand tons,

sunflower by 32% from 208,7 to 158 thousand tons.

• palm oil by 11% from 852,5 to 734 thousand tons,

This confirms the predictions of the reduction in the consumption of vegetable oils resulting in a sharp increase in their prices, especially of expensive sunflower and soybean oil.

In August, the demand for vegetable oils in the Indian market from the food industry was low, as the processors have accumulated significant reserves during the active purchases in previous months.

Due to reduced demand from India's export of palm oil from Malaysia in August decreased by 14-15%, and its reserves have grown on 4,8-5%.

After a decline on Friday and Monday futures for palm oil exchange in Malaysia yesterday rose 2.4% to 2871 Ringgits/t or 689,15 $/t on data about the increased demand from China, where the stock exchange in Dalian soy oil and palm oil rose by 2%, despite the decline in world oil prices by 7-8%.

Futures soybean oil on the stock exchange in the United States yesterday increased 1.3 percent to 734 $/ton after prices for soybeans, which have supported the reduction in crop forecasts and increased purchases by China, remains the main driver of soybean prices and oil in the United States.

According to the USDA, the number of soybean crops in the U.S. in good or excellent condition for the week decreased by 1% to 65%, while last year this figure was 55%. The report was released after trading, so exchange will respond today.

Prices for Ukrainian sunflower oil will remain at a high level 880-890 $/t FOB, however, the active demand there. Purchases on spot deliveries to the Sep spend only buyers who need to close the contracts.

the Decline in oil prices amid a seasonal increase in sentences will speed up the expected fall in the price of vegetable oil next week.