Record Soybean Oil Imports Projected for August

21-Aug-2026 04:09 PM

Mumbai: Due to various factors, soybean oil imports into the country are expected to surge to a new monthly record high during the current month (August). While soybean oil prices remain competitive in the global market, the ongoing intense conflict between Russia and Ukraine is severely disrupting sunflower oil imports; soybean oil is likely to fill this supply gap. Additionally, increasing imports is essential to meet the rising demand for edible oils in India during the festive season.

Industry analysts project that soybean oil imports will jump to 620,000 tonnes in August 2026—a figure considered the highest ever recorded for any single month, not just for August. This projected volume represents a 46% increase over the average monthly import of 425,000 tonnes observed so far in the 2025-26 marketing season (November–October).

India primarily sources soybean oil from Argentina and Brazil, while sunflower oil is imported from Russia and Ukraine. Heavy bombardment of ports and commercial vessels by both Russia and Ukraine is disrupting sunflower oil shipments. Meanwhile, palm oil prices have risen to a level where soybean oil has become a competitive alternative.

While the area under soybean cultivation and total production in India have plateaued, domestic demand and consumption of soybean oil continue to rise. This clearly indicates that India's reliance on soybean oil imports is unlikely to diminish or cease in the near future.

The area sown with soybeans is lagging slightly behind last year's figures, and weather and monsoon conditions have not been entirely favorable for the crop. Harvesting of the new early-sown crop could begin in the third or fourth week of September, but this will not have a significant impact on soybean oil imports.