July 7, 2004

 

 

India's 2003/04 Soymeal Exports Seen At 3.17 Million MT

 

India's partial MY 2003/04 (Oct-May) soybean meal exports soar to an estimated 3.17 million tons, well above the previous record of 2.75 million tons during MY 1998, according to information from the U.S. Department of Agriculture's Foreign Agricultural Service web site, dated July 1 and released Tuesday.

 

Groundnut oil exports cross 100,000-ton level during Oct-June.

 

Cashing in on increased domestic production and higher world prices of peanut oil, Indian exporters recorded exports of 104,206 tons of peanut oil during PMY (Partial Marketing Year) 2003 (Oct-June), mainly to destinations in United States and European Union.

 

Trade sources indicate that the lack of adequate peanut oil supplies from Argentina and Senegal opened up the world markets for Indian peanut oil, and that peanut oil exports fetched an average price of $1,050 per ton. Post expects that MY 2003 peanut oil exports from India are likely to remain at 110,000 tons, as the domestic crush comes to an end with lean arrivals during July-August, the report said.

 

MY 2003 Soybean meal exports touch record levels

 

A larger domestic crop and increased demand from export markets saw PMY 2003 (Oct-May) soybean meal exports soar to an estimated 3.17 million tons, well above the previous record of 2.75 million tons during MY 1998. However, the fall in both stocks and market arrivals is likely to stem MY 2003 exports at an estimated 3.4 million tons, up by 100,000 tons over the previous post estimate.

 

PMY 2003 (Oct-May) rapeseed meal exports, estimated at 435,000 tons, exceed the previous year's level by 43%. Higher domestic availability and increased demand from traditional export markets pushed PMY 2003 (Oct -June) peanut meal exports up to an estimated 185,450 tons. Trade sources estimate that peanut meal exports will come to a standstill during July-August due to the lean season for peanut crushing, and expect that MY 2003 exports will be 225,000 tons. However, rapeseed meal exports are likely to remain bullish during June-July, with estimated exports of 600,000 tons during MY 2003 compared with 450,000 tons a year ago.

 

MY 2003 edible oil imports continue to slide

 

PMY 2003 (Oct-May) edible oil imports are estimated at 2.4 million tons, 24% lower than a year ago during the same period. Soybean oil imports, estimated at 304,236 tons during PMY 2003 (Oct-May), are down by 58% compared with the previous year, due to higher prices and increased domestic production. However, trade sources reveal that soybean oil imports are likely to increase during the remaining months of MY 2003 due to softening of world soy oil prices, tapering domestic crush during the period between June-August, and a lower tariff on soybean oil vis-a-vis palm oil. Despite declining world prices of palm products, imports went down by 15% during PMY 2003 (Oct-May), now estimated at 2.07 million tons due to the improved domestic vegetable oil situation and drawdown from stocks. PMY 2003 (Oct-May) sunflower oil imports touched an estimated 46,500 tons, up 15% over the same period last year. Trade sources attribute the increased imports to a marginal decline in world prices for sunflower oil and increased domestic demand.

 

Source: USDA