Rising Soybean and Soy Oil Trade in the Country Due to Palm Oil Prices, Imports Increase in January

07-Feb-2025 09:09 AM

Rising Soybean and Soy Oil Trade in the Country Due to Palm Oil Prices, Imports Increase in January
★ In the last 4-6 months, palm oil prices have risen by 30%, and sunflower oil prices by 25%.
★ The Mumbai landed prices for RBD palmolein are $1,090 per ton, while crude oil is at $1,145 per ton. In comparison, sunflower oil prices are $1,180 and soybean oil prices are $1,186 per ton. This means that palm oil prices are higher than normal levels, whereas palm oil typically remains cheaper than these two oils.
★ Due to high prices, palm oil imports have decreased. From November to December 2024, 1.342 million tons of palm oil were imported, compared to 1.763 million tons during the same period last year.
★ On the other hand, imports of sunflower oil and soybean oil have doubled, reaching 1.433 million tons, compared to 692,000 tons during the same period last year.
★ While palm oil production is expected to increase less, soybean oil production is rising globally. If this trend continues, soybean oil imports may increase, replacing palm oil.