India will import record amount of soybean oil

India should import record amount of edible oil after lack of rain impacts production, according to expert Luiz Fernando Pacheco, an analyst at T&F Agroeconomic Consulting. According to him, this move could cause the price of grain to rise a few cents in CBOT, because it is a "non-China" demand.

“India's edible oil imports are expected to rise 7.3% in 2019/20 to a record level after light monsoon rains have reduced the productivity of summer crops such as soybeans and peanuts, a leading industry official said. Higher purchases by the world's largest importer of edible oil could support palm oil prices, which are under pressure due to weak demand amid expected growth in production, ”he said.

In addition, the expert also says the deficit in oilseed production will force India to import up to 16.1 million tons of edible oils in the new business year beginning November 1, up from an estimated 15 million tons this year. said Patel, who has been selling edible oil for over four decades. “Precipitation has been scarce on oilseed areas. This will reduce peanut, soy and cotton production, ”said Govindbhai Patel, managing director of research firm GG Patel & Nikhil Research Company.

“The deficit in oilseed production will force India to import up to 16.1 million tons of edible oils in the new business year beginning November 1, up from an estimated 15 million tons this year,” said Patel, who markets oil. edible for over four decades. India imports more than two-thirds of its edible oil needs, up from one-third two decades ago, as local production has failed to match rising demand in Asia's third largest economy. Palm oil accounts for about two-thirds of total imports, ”concludes Pacheco.




Post: Marina Carvejani
Author: Leonardo Gottems
Source: Agrolink