India Soybean-Oil Imports to Slump on Cheaper Supplies
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Soybean oil imports by India, the second-biggest user of cooking oils, will slump at least 19 percent next year as a record local harvest of soybeans brings cheaper domestic supplies, GG Patel & Nikhil Research Co. said.
Imports in the year from Nov. 1 will be less than the 1.3 million metric tons forecast last month as traders haven’t contracted any fresh shipments in the past four weeks, Managing Director Govindlal G. Patel said. Imports will be about 1.6 million tons in the year that ends Oct. 31, said Patel, who’s traded oilseeds and vegetable oils for more than four decades.