The Asian country closed shipments for 300,000 metric tons, which add up to the 10 cargoes for 65,000 tons of soy beans that China reserved.
India bought about 300,000 metric tons of soybean oil from Argentina after Monday the government announced the Low of retentions to zero for oleaginous and other products Until October 31 or until reaching US $ 7,000 million in declared sales.
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The Asian country, which is the largest world importer of vegetable oils, thus reserved a record volume of shipments for such a short periodafter Chinese buyers requested at least 10 shipments for 65,000 tons each of Argentine soybeans.


These aggressive purchases were made from Indian commercial housesand will help the Argentina to reduce their soy oil stocks, but they could also mean less palm oil shipments from Indonesia and Malaysia To India, as reported by Reuters.
Dollar soy withholdings

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Likewise, the distributors, who asked not to be identified within the framework of the operation, expressed that Soja oil purchases are for shipping between October and Marchand that the volume is not precedents for such a small period of time, since India normally imports just under 300,000 tons of soybean oil per month.
“Prices were corrected around US $50”
The soybean oil was bought at a price of between US $ 1,100 YU $ 1,120 a ton, including cost, insurance and freight (CIF), the distributors added. “As prices were corrected in around US $50 after the exemption of taxes, Indian buyers rushed to make purchases, finding it cheaper than palm oil”the merchants explained.
Soya oil shipments to India fell 25.27% to a minimum of four months of 367,917 tons in August, according to the country’s main commercial body, the country Association of solvent extractors of India.
India buys palm oil mainly from Indonesia and Malaysia, while obtaining soybean oil and sunflower oil from Argentina, Brazil, Russia and Ukraine. The demand for these edible oils, especially palm oil, usually increases during the Indian festivals season due to the greater consumption of sweets and fried foods.
Source: Ambito

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