September 6, 2004

India's 2003 Soybean Oil Imports Seen At 750,000 MT

India's soybean oil imports in MY 2003 are estimated lower at 750,000 metric tons, due to higher prices coupled with high shipping costs, according to information from the U.S. Department of Agriculture's Foreign Agricultural Service web site, dated Aug. 31 and released Friday.
 
MY 2003 Edible Oil Imports Lower
 
Edible oil imports during the first ten months of MY 2003 (Oct-Sep) are estimated at 3.04 million tons, 28% less than the quantity imported during the corresponding period of MY 2002. Trade sources attribute the decline to increased domestic crush and high international prices. Due to diminishing domestic stocks, declining world prices, and typical higher demand associated with the festival season during September-November, Post estimates imports to increase to 600,000 tons per month during August and September, taking the MY 2003 imports to 4.25 million tons.
 
Post lowers estimate for MY 2003 palm imports to 3.45 million tons, although its share in total vegoil imports is estimated to increase, due mainly to its relatively lower landed cost. Soybean oil imports in MY 2003 are estimated lower at 750,000 tons, due to higher prices coupled with high shipping costs. Prices though have softened in recent months. Imports of sunflower oil continue to remain low, accounting for only 1.7% of total vegetable oil imports.
 
MY 2003 meal exports higher
 
Meal exports during October 2003 to July 2004 increased 169% to 4.0 million tons over the corresponding period of MY 2002, due to improved domestic supplies and higher demand from traditional markets. Soybean meal exports jumped 184% to 3.28 million tons (excluding rail/road exports to Pakistan and Bangladesh and container shipments) and are estimated at a record 3.45 million tons for the full MY 2003 (Oct-Sep). Domestic soybean meal consumption is estimated lower to 1.15 million tons in MY 2003, compared to 1.6 million tons in MY 2002, due to increased availability of less expensive alternative protein feeds.
 
Rapeseed meal exports continued to expand, reaching 535,000 tons during October 2003 to July 2004, 55% higher than the corresponding period of MY 2002. Trade sources attribute higher exports to increased demand from South East Asian markets due to tight soybean meal supplies. Increased demand from traditional markets in South East Asia led to a growth in peanut meal exports, which reached 218,000 tons during the first 10 months of MY 2003 compared with just 1,600 tons during the corresponding period of MY 2002.

Source: USDA