Biden Releases Sour Crude That’s Out of Favor With U.S. Refiners
Indian farmer Suresh Dhane harvested soybeans from an acre of land nearly a month ago, but like millions of others has been holding onto his crop instead of selling it to oilseed processors, hoping prices will rise. Slow farmer selling has reduced oilseed crushing in India and could force the country to increase imports of edible oils such as soyoil, palm oil and sunflower oil even as local soybean output is expected to rise by more than a tenth from a year ago. “Last year I sold soybeans immediately after harvesting at 4,000 rupees ($53.70) per 100 kg and within a few months prices spiked above 9,000 rupees,” Dhane said as he was drying soybeans outside his home.