India Makes Record Soy Oil Purchase From Argentina
India on Tuesday and Wednesday purchased 300,000 metric tons of soybean oil (soyoil) from Argentina—its largest ever two-day import. The deal follows Argentina’s move to suspend export duties on soy and related products.
Duty Suspension Triggers Surge
Argentina temporarily lifted taxes on soy, corn, wheat and derived goods, making their export prices more competitive. This prompted Indian buyers to step in rapidly. The soyoil was bought at about USD 1,100–1,120 per ton (CIF basis).
Shipments And Timing
The imported soyoil is expected to ship between October and March. India typically imports around 300,000 tons monthly, so this import in two days is unusually large.
Impacts On Palm Oil Trade
Because the soyoil became cheaper post duty cut, many traders have shifted away from palm oil imports from Indonesia and Malaysia. That shift may affect palm oil shipments to India in the coming months.
Broader Implications
The supply shock may reduce Argentina’s soyoil stockpiles. For India, the import helps secure edible oil supplies ahead of festive demand. For global markets, the move could pressure vegetable oil prices and reshuffle trade flows.
