Global edible oil market likely to be volatile, says Solvent Extractors Association
The Solvent Extractors’ Association of India warned of potential global edible oil volatility, citing El Niño risks, uncertainty over sunflower oil supplies amid the Russia-Ukraine conflict and Indonesia’s B50 biodiesel programme. SEA said these factors could tighten vegetable oil supplies and increase soybean oil’s strategic importance.
The Solvent Extractors’ Association of India (SEA) has highlighted the potential volatility in the global edible oil sector during its meeting with senior government officials in New Delhi recently.
In his monthly letter to the members of SEA on Monday, Sanjeev Asthana, President of SEA, said the SEA delegation conveyed the current edible oil stocks and supplies situation to Sanjeev Chopra, Secretary, Department of Food and Public Distribution, during its meeting with him recently.
Stating that the industry flagged potential volatility ahead, he said the possible impact of El Nino, continued uncertainty around sunflower oil supplies amid the Russia-Ukraine conflict and Indonesia’s B50 biodiesel programme could alter the global vegetable oil balance. This could increase the strategic importance of soybean and soybean oil in the coming months, he said.
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Source : The Hindu Businessline
