India Scraps More Soy Oil Cargoes as Premium to Rivals Widens

India, the world’s top edible oil importer, has canceled more soybean oil cargoes as costs for the product have risen sharply compared with alternatives.

About 25,000 tons booked from Russia, as well as around 6,000 to 8,000 tons from South America, have been axed in recent days as soy oil’s premium to palm oil rises, according to Aashish Acharya, vice president at Patanjali Foods Ltd., one of the country’s top buyers. The Russian cargoes were meant to arrive in India by late March or early April, while the South American supply was for the April to July period, he said.