Prices for vegetable oils are an additional signal to reduce
India, the world's largest importer of vegetable oil, raised import duty on crude and refined oils to protect local manufacturers from dumping by suppliers from Malaysia and Indonesia.
According to government regulation, were raised import duty on crude palm oil to 15% and refined palm oil up to 25%.
there was Also increased import duty on crude soybean oil from 12.5% to 17.5%.
India spends about $ 10 billion for large-scale purchases of palm oil in Malaysia and Indonesia, as well as a small supply of soybean oil from Argentina and Brazil.
the Level of oil reserves in the South of Malaysia at the end of July reached its highest level since April of 2016, and the increase in balances during the month was the highest since April 2015. According to the Malaysian Department of palm oil (MPOB), in comparison with June palm oil stocks in the country increased by 16.8% due to increased production by 20.7% to 1.83 million tons.
the Increase in palm oil production in Malaysia, reducing its import in India and an increase in the forecast of soybean production in the world in the August balance sheet, the USDA will push for lower prices for palm and soybean oil, which will lead to lower prices for sunflower oil, the quotations for which has recently increased due to the reduction proposals from Russia and Ukraine at the end of the season.