India’s soybean oil imports in July jumped 113% from a month ago to a record 493,000 tonnes. India traditionally buys soy oil from Argentina and Brazil, but in the past few months, have also made purchases from the United States, Russia, and Turkey. Brazil’s vegetable oil industry association, Abiove, has repeatedly raised its forecasts for foreign product sales in the face of intense demand, with total soy oil exports increasing 65% in the first half compared to the same period in 2021, according to government data.b In June, Brazil exported a total of 317,500 tonnes, 161,500 to India.
Sources: Money Times/Datamar News