Reuters exclusively reported that Indian traders have contracted to import a record 100,000 tonnes of soyoil from the United States because of limited supplies from drought-hit South America, at a time when prices of rival palm oil are scaling record highs. The higher purchases from the United States are expected to support U.S. soy oil prices, which have climbed nearly 20% this year to close to their highest in a decade, fueling worries about food inflation. Soybean futures also rose because of gains in soyoil.
The post Reuters exclusively reports India makes record U.S. soyoil purchases as drought parches South America; market reacts appeared first on Reuters News Agency.