Login ID:
Password:
Partner Login
Contact Us : 7066511911

India's Palm Oil Imports Likely to Fall 9% in MY 2021-22

24 Sep 2021 3:11 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

NEW DELHI, Sept 24 (Commoditiescontrol) - India's palm oil imports in the new marketing year 2021-22 starting November 1 are likely to fall 9 percent to 7.6 million tonnes from 8.35 million tonnes this year, due to an increase in domestic supplies, as farmers expand the area planted with oilseeds in response to record high prices, a leading industry analyst said on Thursday.

The lower imports by the world's biggest palm oil buyer could limit a rally in benchmark Malaysian palm oil prices, which are trading near record highs hit in August.

Lower palm oil imports would pull down total edible oil imports to 13.3 million tonnes in 2021/22 from 13.7 million tonnes, said, Govindbhai Patel, managing director of trading firm G.G. Patel & Nikhil Research Company.

India buys palm oil from Indonesia and Malaysia, with its soyoil mainly imported from Argentina and Brazil. It purchases sunflower oil from Ukraine.

Edible oil supplies are likely to rise nearly 6 percent to 8.5 million tonnes as domestic soybean and rapeseed production rises, Patel said.

Soybean and rapeseed prices hit a record high earlier this year, prompting farmers to switch to oilseeds from other crops.

The country's edible oil consumption, which was depressed by coronavirus-led lockdowns, could rise 2 percent to 21.8 million tonnes next year, Patel said.

"Demand has been improving from hotels and restaurants as lockdown restrictions are lifted," he said.

India's sunflower oil imports, which are set to fall 22 percent in the current year because of record high prices, could rebound 28 percent to 2.5 million tonnes as prices are now softening, he said.

Soyoil imports could remain steady at around 3.3 million tonnes, including 300,000 tonnes of duty-free shipments from neighbouring Nepal, he said.


(By Commoditiescontrol Bureau)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
BMD CPO Gains for 2nd Day, Ends nearly 1% Higher amid P...
Spot Mustard, Oil Fall further as Govt Moves to Curb Pr...
UP notifies stock limits for edible oils; other states ...
DCE oil complex afternoon close - 26 Oct 2021
Soy Complex – Soybeans (CBT) – Counter-trend Rally / Ne...
more
Top 5 News
Sugar Continues to Stay Unchanged, Downtrend likely aft...
Chana remain weak in selective spot, sowing in Rajastha...
Domestic Tur widen losses at selective mkts, Burma vari...
Wheat down in West UP as Diwali Demand Ends Early, Flat...
Evening: Cotton prices soften by Rs 20-30/maund in Nort...
Top 5 Special Reports
Argentina’s wheat, barley production estimated unchang...
Week Ahead: Pulses Prices to head southward amid sellin...
Weekly: ICE cotton futures edge higher amid increased d...
Government has lost revenue without the consumers getti...
Canada's 2021-22 Canola Exports may Fall 38% y/y to 6.5...
Copyright © CC Commodity Info Services LLP. All rights reserved.