In September, India reduced palm oil imports to a 4-month low and increased soybean imports to a 3-year high.

India reduced palm oil imports in September by 15.9% from the previous month to a 4-month low of 833,000 tonnes, as refiners replaced palm oil with much cheaper soybean oil, according to five dealers.

At the same time, soybean oil imports rose by 37.3% to a 3-year high of 505,000 tons, and sunflower oil imports rose by 5.8% to an 8-month high of 272,000 tons. Total vegetable oil imports in September decreased by 0.7% to 1.61 million tons. Import data does not take into account duty-free supplies received across the land border with Nepal, dealers reported.

Reduced palm oil imports and increased soybean oil imports by India, the world's largest buyer of vegetable oils, will put pressure on Malaysian palm oil futures FCPO1 and support soybean oil prices in the US.

After active imports of palm oil in June-August (on the eve of the holiday season, when demand for oil increases sharply), India's stock levels are currently at a comfortable level.

In September, India imported 11,000 tons of soybean oil from China, the first such shipment in a long time.