Reuters exclusively reports India makes record US soybean purchases as drought parches South America; market reacts

Business & FinanceEnvironment

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 US soy oil prices, which have climbed nearly 20% this year to close to their highest in a decade, fueling concerns about food inflation. Soybean futures also rose because of gains in soybeans.

Market Impact

Chicago soybean futures rose more than 1% to their highest level in eight months on Friday.

Article Tags

Topics of Interest: Business & FinanceEnvironment

Type: Reuters Best

Sectors: Commodities & Energy

Regions: Asia

Countries: India

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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