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India cuts import taxes on vegetable oils to calm prices
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India s soybean planting could rise by over 10% on record prices
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Indian refiners curtail palm oil imports as lockdowns dent demand
Indian edible oil refiners are curtailing palm oil imports for May and June as most states have imposed curbs on hotels and restaurants to arrest rising coronavirus infections, denting institutional demand, industry officials said.
Lower imports by India, the world’s biggest buyer of the edible oil, could limit a rally in benchmark Malaysian palm oil futures, which hit their highest level since 2008 on Thursday.
“Palm oil demand from hotels, restaurants and other institutional buyers has been falling rapidly due to lockdowns,” said Govindbhai Patel, chief of trading firm G.G. Patel & Nikhil Research Co.
Indian edible oil refiners are curtailing palm oil imports for May and June as most states have imposed curbs on hotels and restaurants to arrest rising coronavirus infections, denting institutional demand, industry officials said. Lower imports by India, the world s biggest buyer of the edible oil, could limit a rally in benchmark Malaysian palm oil futures, which hit their highest level since 2008 on Thursday. Palm oil demand from hotels, restaurants and other institutional buyers has been falling rapidly due to lockdowns, said Govindbhai Patel, chief of trading firm G.G. Patel & Nikhil Research Co. Almost all states have closed hotels and restaurants for in-dinning as India reported a record 412,262 new COVID-19 cases on Thursday and a record 3,980 daily death toll, with the second wave of infections swamping the health system and spreading from cities into the vast countryside.
India’s farmers hold key to self-reliance in edible oils
By Rajendra Jadhav
and Mayank Bhardwaj / Reuters, MUMBAI and NEW DELHI
Indian farmer Shingara Singh has grown grain for 35 years and is one of thousands of protesters against agricultural reforms who have the power to help slash a huge annual bill of US$10 billion for imports of vegetable oils.
Yet Singh, 55, said that he would only switch to growing oilseeds, such as rapeseed and sunflower, on his 6 hectare plot in the northern state of Punjab if the government promises guaranteed rates for his produce.
“Sometimes we grow sunflower, but we don’t get to sell it at the MSP,” said Singh, referring to the Minimum Support Price (MSP) the government pays for his rice and wheat.
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