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India buys record soybean oil during Argentina's 3-day customs duty suspension
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Wednesday, 01 October, 2025, 08 : 00 AM [IST]
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Ashwani Maindola, New Delhi
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India makes record soybean oil purchases during Argentina's three-day customs duty suspension, realising contracts over 300,000 tonnes and as per trade experts the oil purchases would bring relief to the Indian consumers in the ongoing festive season and coming months.
Shankar Thakkar, president of the All India Edible Oil Traders' Federation, stated that the Argentine Government announced a suspension of export duties on soybeans, soybean oil, soybean meal, wheat and their by-products, corn, biodiesel, and some other products until September 22, 2025, to stabilise its faltering currency, boost foreign sales, and increase dollar earnings.
“Consequently, the standard offer prices of the products fell significantly, and Indian importers, taking advantage of this, contracted approximately 300,000 tonnes of soybean oil in just three days, the largest three-day purchase volume ever. During these days, Argentina succeeded in securing export deals for agricultural and food products worth over $7 billion, and therefore, the government withdrew its export duty exemption plan,” said Thakkar.
Trade analysts say that India's purchase of such a large quantity of soybean oil in just three days is unprecedented, and importers largely ignored the purchase of palm oil during these days.
It is noteworthy that India is the world's leading edible oil importer and imports an average of 300,000 tonnes of soybean oil per month. Meanwhile, in just three days this week, import contracts for 300,000 tonnes of soybean oil were signed.
According to dealers, soybean oil import contracts have been signed from Argentina at $1,100-1,200 per tonne, including shipping costs and insurance. Following the customs duty suspension, the export offer price of soybean oil in Argentina has fallen by approximately $50 per tonne.
Thakkar added that the purchase of 300,000 tonnes of soybean oil by Indian importers within a few days will increase the availability of soybean oil in India in the coming days, providing relief to Indian consumers during the upcoming festive season from the high prices of palm oil in the international market.
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