India has canceled multiple soybean oil shipments after a sharp rise in prices made the commodity significantly more expensive than palm oil, traders said. The world’s largest importer of edible oils, India has scrapped about 25,000 metric tons of soybean oil booked from Russia, along with an estimated 6,000 to 8,000 tons from South America in recent days. The move comes as soybean oil’s premium over palm oil has widened, prompting buyers to switch to more competitively priced alternatives.
