Agri Commodities Preview: USDA Maintains Indias Edible Oil Import Forecast At 16.6 MMT In MY 2017/18

capital market | Mumbai | December 04, 2017 09:40 IST

Agri Commodities Preview: USDA Maintains Indias Edible Oil Import Forecast At 16.6 MMT In MY 2017/18

The latest release by United States Department of Agriculture (USDA), the MY 2017/18 edible oil import forecast remains unchanged at 16.6 MMT. The MY 2016/17 forecast for edible oil imports now stands at 15.1 MMT, up 21 percent above last year. Of total imports, 20 percent was refined palm oils, up almost 33 percent from last marketing year on the narrow price difference from crude oils. Compared to last marketing year, the import of sunflower oil has risen by 62 percent to 2.1 MMT as its prices were attractive compared to soy oil. Indias monthly requirement is about 1.75 MMT and normal practice is to hold 30 days stock; current stocks are over 2.6 MMT, some 44 days of requirements

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