Shipments may surge to 5 million metric tons in the year beginning Nov. 1, from an estimated 4 million tons this year, Atul Chaturvedi, chief executive officer, told reporters in Mumbai today. Traders likely sold 250,000 tons to 300,000 tons of soybean meal from the new crop, less than the 700,000 tons contracted to export a year earlier, he said.
Crude palm oil imports by India have “dried up” in recent days after Indonesia announced a cut in tax on exports of refined palm oil products, Chaturvedi said. The country may import 8.5 million tons to 8.8 million tons of edible oils in the year beginning Nov. 1, he said.
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