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Edible Oil News From Around The World 🌎

-India's palm oil imports jumped 29% in November 2022, from a month ago, as a steep discount to rival soybean oil and sunflower oil made buying of the tropical oil lucrative for local refiners.

Higher imports by India, the world's biggest palm oil buyer, would help top producer Indonesia cut its inventories and support benchmark Malaysian palm oil prices, which have nearly halved from this year's record highs.

-Drought in South America affected soybean production in Brazil, Argentina and Paraguay. These countries’ export volumes are not likely to change, but prices have risen by up to 70% because of weather conditions and the disrupted trade in sunflower oil.

-Malaysia’s production of palm oil is still not back to full capacity. This is because of a labour shortage caused by pandemic-related border closures. The government of Malaysia has approved the hiring of 32,000 foreign workers to solve the problem, but it will take time for the industry to recover.

-Canada’s production of rapeseed fell by 35% in 2021 from the previous year, because of drought. This led to a fall of 5% in rapeseed oil exports.

-Ukraine's rapeseed oil production has fallen with the majority of producers opting for sunflower oil production instead.

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