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.
Business & FinanceEnvironment
Reuters exclusively reports India makes record U.S. soyoil purchases as drought parches South America; market reacts
18 February 2022, 5:03 pm 1 minute
Chicago soyoil futures rose more than 1% to their highest level in eight months on Friday.
Topics of Interest: Business & FinanceEnvironment
Type: Reuters Best
Sectors: Commodities & Energy
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
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