On Thursday a government official said to the Reuters oilseed prices slumped below the government support levels.
India raised import duty on refined and crude vegetable oils like soyoil and palm.
Local oilseeds are struggling with a cheaper edible oil, which are imported from the Argentina, Malaysia and Indonesia, it reduces the demand for the local rapeseed and the soya beans and the prices are tumbling over the past 14 months.
The world’s biggest importer of the palm and soybean oil is India and in 2001/02 it was up by 44% and now it relies import for 70% of edible oils.
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