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Soyabean meal export rose to 87,060 tonnes last month from 40,196 tonnes in the year-ago period, while shipment of rapeseed meal increased to 1,69,422 tonnes from 98,571 tonnes during the period under review. "Foreign demand for Indian soyabean meal has benefited from improved price competitiveness and the shortage of Argentine export supplies in recent months," SEA said.
According to Geojit, The National Commodity and Derivatives Exchange is set to launch sunflower oil futures contracts on Sunday.
India imports palm oil mainly from Indonesia and Malaysia, and a small quantity of crude soft oil, including soybean from Argentina.
India's vegetable oil imports rose by 33% in August compared to the previous year. Lower duties and a revival in demand after a drop in domestic rates were cited as reasons for the increase. India imported a total of 18.66 lakh tonne of vegetable oil in August 2022.
Inclement weather has increased inflation of not only the daily kitchen essentials, but also of gourmet superfoods consumed by the rich and the health conscious. Drought in Europe, and back home in Bihar, has increased the prices of olive oil and makhana (fox nut) by more than 80% in a year, with further rise expected in the coming days.