Soybean oil imports likely to see a sharp jump during festive season: SEA President
Competitive international prices, strong domestic demand, and disruptions in sunflower oil shipments amid the Russia-Ukraine conflict are prompting Indian refiners to step up purchases, says Sanjeev Asthana
Soybean oil imports to surge in August: SEA President Sanjeev Asthana predicts a significant increase in soybean oil imports in August, driven by factors such as international price competitiveness, strong domestic demand, and disruptions to sunflower oil shipments due to the Russia-Ukraine conflict. The potential monthly record could reach 6.20 lakh tonnes, a 46 per cent increase from the current marketing-year monthly average of 4.25 lakh tonnes.
Asthana highlights the challenges posed by El Niño's impact on Indian soybean acreage and production, urging the Indian government to address concerns about maintaining domestic demand through imports amid uncertainties in crop conditions.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
