In June, India sharply increased the import of vegetable oils against the background of falling world prices

India, the world's largest importer of vegetable oils, continues to increase its imports, taking advantage of the drop in world prices to an annual low.

According to Reuters, in June, compared to May, the country increased palm oil imports by 49% to a three-month high of 655,000 tons, soy oil by 35% to 432,000 tons, and sunflower oil by 36% to 190,000 tons.

August palm oil futures on Bursa Malaysia yesterday rose 1.2% to 3,911 ringgit/t or $840/t (+9.8% for two weeks) pending data from the Palm Oil Board of Malaysia (PAB). , while analysts forecast a reduction in production and inventories amid a pick-up in exports in June.

On the Chicago Stock Exchange, August soybean oil futures fell 3.1% to $1,387/t yesterday (+9.2% for the week, +26% for the month) as traders took profits after a sharp rise in the price over the past week .

Prices for sunflower oil with delivery to buyers remain at the level of $900/t, however, the number of offers in Ukraine is decreasing due to active exports, which in 2022/23 MR have already reached 4.8 million tons against a forecast of 4.5 million tons.