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Business Standard
6 hours ago
- Business
- Business Standard
India buys record soyoil from China as prices fall below South America
In a rare move, Indian importers have purchased a record 150,000 metric tonnes of soyoil from China. This shift, according to a Reuters report, comes as Chinese soybean crushers are offering discounted rates due to an oversupply, making Chinese soyoil more attractive than the usual suppliers from South America. China, the world's largest soybean importer, saw its soybean imports hit a record high in May. This led to increased processing activity and growing inventories of soymeal and soyoil. 'Chinese soybean crushers are struggling with excessive soymeal and soyoil. To reduce inventories, they are shipping oil to India,' a New Delhi-based dealer working with a global trading company was quoted as saying. By exporting to India, Chinese crushers aim to cut back their swelling stockpiles as local demand slows. Competitive pricing drives shift Chinese suppliers quoted crude soyoil at around $1,140 per tonne, including cost, insurance, and freight (CIF), for shipments in the final quarter of the year. This compares with $1,160 from South America, another dealer said. Faster shipping, lower freight Apart from lower prices, quicker delivery times are another reason for India's interest in Chinese soyoil. Shipments from South America typically take over six weeks, while Chinese shipments reach India in two to three weeks. India relies on imports to meet nearly two-thirds of its vegetable oil demand. These imports are mainly handled by private firms and include palm oil from Indonesia and Malaysia, sunflower oil and soyoil from Russia and Ukraine, as well as Argentina and Brazil. Traditionally, India has sourced most of its soyoil from Argentina and Brazil. However, the current price advantage has prompted Indian buyers to look to China. "In India and elsewhere, soyoil is trading at a premium over palm oil, but in China, soyoil is trading at a discount due to the supply glut," said a dealer based in Kuala Lumpur. Potential for more imports Given the size of India's edible oil consumption, the country may purchase even more soyoil from China if prices remain attractive. "India's annual cooking oil requirement is huge, and it could buy even more from China if offered at competitive prices," said Sandeep Bajoria, chief executive of the Sunvin Group, a vegetable oil brokerage based in Mumbai.
Reuters
8 hours ago
- Business
- Reuters
Exclusive: India buys record soyoil from China in rare move, sources say
MUMBAI, July 29 (Reuters) - Indian importers have bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to sell at a discount to India's traditional suppliers from South America, four trade sources said. The exports to India will help Chinese crushers cut inventories that surged after the country's soybean imports hit a record peak in May, boosting processing and stockpiles while demand slowed. China is the world's biggest importer of soybean. Indian importers bought the soyoil for shipment between September and December, with sellers offering a $15 to $20 a ton discount compared with South American supplies, said the sources who declined to be named because they were not authorised to speak to the media. "Chinese soybean crushers are struggling with excessive soymeal and soyoil. To reduce inventories, they are shipping oil to India," a New Delhi-based dealer with a global trade house told Reuters. India, which mainly imports soyoil from Argentina and Brazil, began buying from China due to the price advantage, the dealer said. China is traditionally a net importer of soyoil and palm oil. Chinese crushers offered crude soyoil at around $1,140 per ton, including cost, insurance, and freight (CIF), for shipments in the December quarter, compared with $1,160 from South America, another dealer said. Lower freight costs have given China the upper hand too, as shipments from South America take more than six weeks to reach India, while those from China arrive in two to three weeks, a Mumbai-based dealer said. India meets nearly two-thirds of its vegetable oil demand through imports - by private companies - of palm oil, mainly from Indonesia and Malaysia, as well as sunflower oil and soyoil from Russia and Ukraine in addition to Argentina and Brazil. In India and elsewhere, soyoil is trading at a premium over palm oil, but in China, soyoil is trading at a discount due to the supply glut, a Kuala Lumpur-based dealer said. India's annual cooking oil requirement is huge, and it could buy even more from China if offered at competitive prices, said Sandeep Bajoria, chief executive of the Sunvin Group, a Mumbai-based vegetable oil brokerage.
Barnama
a day ago
- Business
- Barnama
CPO Futures End Lower On Weaker Export Performance In July
Sunvin Group head of commodity research Anilkumar Bagani said Malaysian palm oil exports for the July 1-25 period were estimated at 1,029,585 tonnes by Intertek Testing Services, down 9.23 per cent from the June 1-25 estimate. KUALA LUMPUR, July 28 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today, weighed by Malaysian palm oil's weaker export performance in July. "Meanwhile, AmSpec Agri Malaysia reported exports at 896,484 tonnes, marking a 15.22 per cent decline over the same period," he told Bernama. Palm oil trader David Ng said the CPO market closed lower on Monday due to concerns over expectations of rising output and weaker demand in the coming weeks. He said the market sentiment was also dragged down by a drop in soybean oil prices on the Chicago Board of Trade (CBOT).
Business Recorder
5 days ago
- Business
- Business Recorder
Palm oil extends gains on strong rival oils
KUALA LUMPUR: Malaysian palm oil futures ended higher on Thursday for a third consecutive session, tracking gains in rival edible oils, though higher production estimates and a stronger ringgit capped the rise. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 15 ringgit, or 0.35%, at 4,330 ringgit ($1,027.77) a metric ton at the close. 'The higher-than-expected production scenario has halted the rally in palm oil prices, while the ringgit continues to strengthen against the US dollar, which is also contributing to the decline in the ringgit-denominated contract,' said Anilkumar Bagani, research head at Sunvin Group. Adding to the cautious mood, fresh palm oil purchases by India have slowed down due to a sharp surge in prices, Bagani said. Dalian's most-active soyoil contract rose 1.16%, while its palm oil contract added 1.34%. Soyoil prices on the Chicago Board of Trade were up 0.59%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, strengthened 0.28% against the dollar, making the commodity more expensive for buyers holding foreign currencies. Oil prices rose more than 1%, buoyed by optimism over US trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in US crude inventories.
Business Recorder
22-07-2025
- Business
- Business Recorder
Palm ends higher despite uncertainty over US trade deals that kept market volatile
KUALA LUMPUR: Malaysian palm oil futures ended higher on Tuesday, although uncertainty over potential trade deals between major Asian countries and the United States kept the market volatile. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 38 ringgit, or 0.9%, to 4,263 ringgit ($1,008.04) a metric ton at the close. The contract lost about 2.1% on Monday. Crude palm oil futures were higher following overnight strength in Chicago and South American soyoil futures, said Anilkumar Bagani, research head of Mumbai-based vegetable oil broker Sunvin Group. However, Bagani said the lack of confirmation regarding any trade deals between the U.S. and major Asian countries, apart from Indonesia, continues to fuel market volatility. 'The weakness seen in Chicago soyoil and rapeseed oil, combined with a stronger Malaysian ringgit, capped the gains,' he said. Dalian's most-active soyoil contract fell 0.59%, while its palm oil contract shed 0.36%. Soyoil prices on the Chicago Board of Trade were down 0.66%. Palm oil makes more than 3% weekly gain for highest close in 14 weeks Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices declined for a third consecutive session on concerns that the brewing trade war between major crude consumers, the United States and the European Union, will curb fuel demand growth by reducing economic activity. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock. The ringgit, palm's currency of trade, strengthened 0.09% against the dollar, making the commodity slightly more expensive for buyers holding foreign currencies.
