April 22, 2009
India imports US soyoil for the first time
For the first time in more than one year, India is importing soyoil from the US, a senior trading executive said Tuesday (April 21).
"A cargo of around 43,000 tonnes of soyoil is currently loading in the US and is expected to be delivered towards the end of next month," said the executive, declining to be named.
He said the cargo was being imported by one of the global trading companies and sold in small lots of varying prices to local traders.
Another cargo of 35,000 tonnes of US soyoil, which a US-based trading company initially planned to ship to India, is now being diverted elsewhere, said the executive.
India traditionally imports soyoil from Argentina but due to tight supply in South America and attractive US prices, a cargo of US origin has been purchased.
