Feb 23, 2022

India Makes Record U.S. Soyoil Purchases

Drought hits soy crop in key suppliers Argentina, Brazil

Indian traders have contracted to import a record 100,000 tonnes of soyoil from the U.S. because of limited supplies from drought-hit South America, at a time when prices of rival palm oil are scaling record highs, three dealers told Reuters.

The higher purchases from the U.S. are expected to support U.S. soy oil prices , which have climbed nearly 20% this year to close to their highest in a decade, fueling worries about food inflation.

The world's biggest edible oil importer traditionally buys soyoil from Argentina and Brazil, but lower bean output in these two leading exporters of the commodity forced New Delhi to turn to the U.S. they said.

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Marketwatch: Jul, 03

US Corn Price Idx: ZCPAUS.CM

open: 7.1488
high: 7.3886
low: 7.0173
close: 7.0525

US Soybean Price Idx: ZSPAUS.CM

open: 15.7324
high: 16.5525
low: 15.3323
close: 15.3637

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 9.0002
high: 9.0773
low: 8.5501
close: 8.6212

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 8.1033
high: 8.308
low: 7.749
close: 7.8078