Ashsh Acharya, Vice President of Patangali Foods Limited, a major edible oil importer in India, stated that due to the increase in domestic soybean oil supply and the weakening of the Indian rupee exchange rate, over 100,000 tons of recently shipped soybean oil have been cancelled or postponed until next month.

The increase in domestic soybean oil supply in India and the weakening of the rupee exchange rate have led to the cancellation or delay of over 100,000 tons of imports, resulting in a significant decrease in demand and strong downward pressure on soybean oil spot prices. Combined with the soybean oil futures market, the main contract 2605 closed at 7,712 RMB/ton, down 94 points, with a trading volume of 340,002 lots and an increase in holdings of 11,645 lots, indicating an increased bearish sentiment in the market. This news may exacerbate the downward trend of futures prices.

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