India, being the largest global importer of vegetable oils, continues to increase its import, taking advantage of the decline in global prices to a yearly minimum.

According to Reuters, in June, the country increased its import of palm oil by 49% compared to May, reaching a three-month high of 655,000 tonnes. The import of soybean oil increased by 35% to 432,000 tonnes, and the import of sunflower oil increased by 36% to 190,000 tonnes.

On the Bursa Malaysia Exchange, August futures for palm oil rose by 1.2% to 3,911 ringgit/tonne or $840/tonne (+9.8% over two weeks) in anticipation of data from the Malaysian Palm Oil Board (MPOB). Analysts predict a decrease in production and stocks due to increased exports in June.

On the Chicago Exchange, August futures for soybean oil fell by 3.1% to $1,387/tonne (+9.2% in a week, +26% in a month) as traders took profits after a sharp price increase during the past week.

Prices for sunflower oil for buyer delivery remain at $900/tonne, but in Ukraine, the availability of offers is decreasing due to active exports, which have already reached 4.8 million tonnes in the 2022/23 marketing year, surpassing the forecast of 4.5 million tonnes.