Indian traders have contracted to import a record 100,000 tonnes of soyoil from the United States 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 United States are expected to support U.S. soy oil prices , which have climbed nearly 20% this year to close to their highest in a decade, fuelling worries about food inflation.
"Indian buyers have bought U.S soyoil vessels. Prices were attractive and supplies were not enough in South America," said the India head of a global trading firm, who sought anonymity because of the company's policy.India usually gets two-thirds of its soyoil needs from Argentina, and the rest from Brazil.
"Sunflower oil is cheaper than palm and soyoil, but some buyers are sceptical about deliveries because of geopolitical tension ," said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.Crude palm oil is being offered at about $1,575 a tonne, including cost, insurance and freight , in India for March shipments, compared with $1,620 for crude soybean oil and $1,515 for crude sunflower oil, traders said.
But Indonesia's decision to curb palm oil exports has lifted the price of the tropical oil to a record and created scarcity in the edible oil market, said a Mumbai-based dealer with a global trading firm.
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