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Edible oil prices have been trending higher and are now increasingly volatile due to poor market transparency and the Russian invasion of Ukraine. Post forecasts MY 2022/2023 soybean imports up to 2.8 million MT, while local soybean production remains flat.
For MY 2016/17 (May to April) the rice planted area and production forecast is marginally raised to 11.76 million HA and 34.58 MMT.