February 16, 2012
India's soyoil imports is expected to increase 28% to 1.2 million tonnes in 2012 amidst its growing demand and limited domestic oilseed production, according to USDA reports.
This may boost the price of the commodity in India s commodity exchange as well as in spot market. The latest projection of India's soyoil imports shows that it could surpass China and become the world's largest soyoil importer in 2012.
Meanwhile China has increased the soyoil production lowering the reliance over imports of soyoil.
In National Commodity and Derivative Exchange (NCDEX) soyoil for February Delivery traded down 0.19% to INR693.4 (US$14) per quintal. While in Inter Continental Exchange (ICE) the soyoil for March delivery traded at US$0.5288 per pound on February 15.