India's soyoil imports set for record high, palm oil at five-year low

MUMBAI (Reuters) -India's soyoil imports are poised to surge 60% year-on-year to a record high in 2024/25, as refiners boost purchases due to cheaper prices compared with rival palm oil, shipments of which are set to hit a five-year low, six dealers told Reuters. Higher soyoil purchases by India, the world's biggest importer of vegetable oils, will support global soyoil prices, which have risen 31% so far this year, but weigh on benchmark Malaysian palm oil futures. In the 2024/25 marketing year ending in October, soyoil imports are likely to jump to 5.5 million metric tons, from 3.44 million tons a year ago, according to estimates from dealers.