India's July palm oil imports fall as soyoil jumps to 3-year high
Lower palm oil imports by India, the world's biggest buyer of vegetable oils, could lead to a stock buildup in top producers Indonesia and Malaysia and weigh on benchmark Malaysian palm oil futures.
India's palm oil imports in July fell 10.5% to 855,695 metric tons from June, the Solvent Extractors' Association of India (SEA) said on Thursday.
Imports of soyoil increased 36.9% to 492,336 tons, the highest level in three years, and sunflower oil imports fell7.5% to 200,010 tons, the industry trade body said in a statement.
Higher imports of soyoil lifted India's total edible oil imports in July by 1.1% to 1.55 million tons from a month earlier, the highest level since November, the SEA said.
Palm oil imports fell in July because of the order cancellations, but they could rise in August as refiners are building stocks for the upcoming festival season, said a Mumbai-based trader.
In India, edible oil demand, particularly for palm oil, typically rises during the festival season due to increased consumption of sweets and fried foods.
India's July palm oil imports drop as soyoil shipments surge, dealers say
A significant amount of soyoil is being diverted to substitute rapeseed oil, which is currently fetching a hefty premium over other edible oils, the dealer said.
India'soyoil imports are poised to surge 60% year-on-year to a record 5.5 million tons in 2024/25, six dealers told Reuters earlier this week.
The country buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine.
India's drive to produce more ethanol is leading its farmers to switch away from growing oilseeds, undermining government efforts in the world's largest buyer of cooking oils to reduce costly imports.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
2 hours ago
- Express Tribune
OnlyFans prodigy Sophie Rain shocks MrBeast with $1 million donation to TeamWater charity livestream
OnlyFans creator Sophie Rain surprised YouTube megastar MrBeast with a $1 million donation during his TeamWater charity livestream on Thursday night. The 20-year-old influencer, known for her massive online following and claims of extraordinary earnings from the subscription-based platform, called into the stream and made the unexpected pledge live on air. MrBeast (real name Jimmy Donaldson), who hosted the livestream alongside creators Adin Ross and xQc, partnered with Mark Rober for the TeamWater initiative. The campaign aims to raise $40 million throughout August to provide clean water access to underserved communities globally. During the livestream, Rain expressed her motivation to give, stating, 'I've been wanting to donate... I want to donate $1 million.' Sophie Rain just left MrBeast, Adin Ross, and xQc shook after donating $1 million to his clean water charity 🤯 — FearBuck (@FearedBuck) August 15, 2025 Donaldson, visibly stunned, responded, 'You sure?!' Rain confirmed she was certain, calling the cause 'awesome' and thanking MrBeast for his efforts. As of Friday morning, the stream had already raised over $10 million of its $12 million target, while the broader campaign had reached $29.3 million in contributions. call it dirty money, but i still donated $1m more than you did 🤷♀️ thank you for the opportunity #TeamWater — Sophie Rain (@sophieraiin) August 15, 2025 Following her donation, Rain tweeted, 'call it dirty money, but i still donated $1m more than you did 🤷♀️ thank you for the opportunity #TeamWater.' The Miami-based content creator has claimed to have earned over $80 million from OnlyFans since joining in July 2023. She has also shared that she purchased a private jet, seven cars, and a $2.7 million farmhouse from her earnings. Rain's donation places her among the top contributors on the TeamWater leaderboard, joining other major donors such as Citadel CEO Ken Griffin ($2.25 million), ($2 million), and Shopify CEO Tobias Lütke ($1.5 million). YouTube and Google also contributed $2 million in matching funds. In a statement via her representatives, Rain said, 'Access to clean water is something many of us take for granted… I wanted to do something that would have a real and immediate impact.' She emphasized that all contributions, large or small, can make a difference.
Business Recorder
7 hours ago
- Business Recorder
Palm oil books more than 5% weekly gain
JAKARTA: Malaysian palm oil futures closed higher on Friday and booked a second weekly gain, after data showed rising exports for the August 1-15 period. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was up 75 ringgit, or 1.7%, at 4,478 ringgit ($1,063.66) a metric ton at the close. The futures gained 5.24% this week. Exports of Malaysian palm oil products for August 1-15 rose 21.3%, according to AmSpec Agri Malaysia, while according to cargo surveyor Intertek Testing Services, they rose 16.5%. Dalian's most-active soyoil contract fell 0.19%while its palm oil contract gained 0.11%. Soyoil prices on the Chicago Board of Trade were up 0.33%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Indonesia will launch a broader crackdown on the illegal exploitation of natural resources after a survey found that palm plantations on 3.7 million hectares (14,300 square miles) were operating in violation of the law, President Prabowo Subianto said on Friday. India's July palm oil imports fall as soyoil jumps to 3-year high India's palm oil imports declined in July after cancellations of contracts, while soyoil shipments jumped to a three-year high, driven by competitive prices and the arrival of delayed June consignments, a leading trade body said. Meanwhile, oil prices fell on Friday as traders awaited talks between U.S. President Donald Trump and Russian leader Vladimir Putin, which some expect could lead to an easing of sanctions imposed on Moscow over the Ukraine war. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, the palm's currency of trade, weakened 0.17% against the dollar, making the commodity cheaper for buyers holding foreign currencies.
Business Recorder
8 hours ago
- Business Recorder
FTSE 100 steady after intraday record high; focus on Putin-Trump talks
Britain's FTSE 100 was flat on Friday, despite momentarily scaling to an all-time intraday high, as defence stocks weighed ahead of crucial U.S-Russia talks regarding a potential resolution to the conflict in Ukraine. The blue-chip index was steady as of 1000 GMT, yet appears poised to end the week with gains. The week's advances were fueled by growing optimism surrounding potential US interest rate cuts, better-than-expected UK Gross Domestic Product data and a series of largely positive corporate earnings reports. The aerospace and defence sector emerged as Friday's underperformer, declining 1.8%, ahead of the scheduled high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska later in the day. Investors will be watching the summit closely for any signs of a credible peace deal, with any substantive outcomes likely setting the market tone for the coming week. Energy sector, up 0.2%, was also in focus as a potential ceasefire could result in the easing of sanctions on Russian oil exports, potentially placing downward pressure on global crude prices. Supporting the gains on London's benchmark, industrial metal miners strengthened 2%, as weak economic data from key commodities consumer China fueled hopes that it would spur Beijing to unleash more stimulus measures. The midcap index gained 0.3% in the day, though it remains on track to close the week with losses. Bytes Technology was the top performer on the index, rising 7.4% as the IT firm announced a 25 million pounds ($33.89 million) share repurchase program. Reuters
