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India is the largest importer of vegetable oils, a base ingredient for cooking most common dishes, and meets up to two-thirds of its domestic demand through imports, costing it up to $10 billion annually.

Consumers expressed their frustration at various kitchen markets and grocery shops over the prices

(June 17): Soybeans wiped out this year’s gain as rains across the US growing belt and questions over government biofuel policy erode bullish sentiment. Other crop futures from soybean oil to corn also slid.

Malaysian crude palm oil (CPO) prices should continue to find firm support from rising global demand, despite sharp slides in futures this week, with both ending stocks and the stock-to-use ratio projected at historical lows next year.

PALM oil resumed declines to track losses in rival soy, while investors weighed the tropical oil’s production outlook amid labour constraints.

MUMBAI: India kept the base import prices of palm oil and soybean oil unchanged for a fortnight, the government said in a statement late Tuesday, even as prices of the cooking oils fell sharply in the global market.

Malaysian palm oil futures plunged 4% on Wednesday, shedding sharp gains from the previous session, dragged down by a fall in soyoil prices on an improved weather outlook for the U.S. Midwest crop belt.

SINGAPORE: Palm oil may break a resistance at 3,602 ringgit per tonne and rise into a range of 3,691 ringgit to 3,757 ringgit.

These days, aside from the coronavirus, Ajay Kumar a 40-year-old a resident of Tagore Garden in West Delhi, finds himself worrying about inflation. He says his monthly spending on essentials like vegetable oils has been steadily rising—a litre of mustard oil now costs him Rs 192, about one and a half times the price in May last year, when it cost Rs 132 a litre. This has affected the entire vegetable oils market—the prices of hydrogenated vegetable oil (vanaspati), soya oil, sunflower oil and groundnut oil are all on the rise. Worse, this boom in edible oil prices has taken place during a period of low demand, caused by a stretch of normal monsoons, record oilseed production and the lockdowns across the country. In other words, there is no domestic reason for the price hikes—this is an international phenomenon.

CHICAGO, June 16 (Reuters) - U.S. soybean futures fell on Wednesday to their lowest level in nearly two months, pressured by a retreat in global vegetable oil prices from multi-year highs, analysts said.

U.S. soybean futures fell to their lowest in nearly two months alongside weaker global vegetable oil prices that have been dropping from multi-year highs.

The government on Wednesday said edible oil prices have started falling in the past one month, and the quantum of decline is nearly 20 per cent in some cases. Stating that India imports a significant quantity of edible oils to meet domestic demand, the Centre said it is working on a "series of mid- and long-term measures" to make the country self-sufficient.