Reuters exclusively reports India makes record U.S. soyoil purchases as drought parches South America; market reacts - Reuters News Agency
Business & FinanceEnvironment

Reuters exclusively reports India makes record U.S. soyoil purchases as drought parches South America; market reacts

Reuters exclusively reported that 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. 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, fueling worries about food inflation. Soybean futures also rose because of gains in soyoil.

Market Impact

Chicago soyoil futures rose more than 1% to their highest level in eight months on Friday.



Article Tags
Topics of Interest: Business & FinanceEnvironment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Asia
Countries: India
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
A combine harvester is used to harvest soybeans on a farmland in Chivilcoy, on the outskirts of Buenos Aires, Argentina April 8, 2020. Picture taken April 8, 2020. REUTERS/Agustin Marcarian
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