October 7, 2010

 

Indian oilmeal exports rise 53% in September

 

 

India's oilmeal exports rose 53% in September on improved availability for crushing and a rise in the free-on-board realisation.

 

Data by the Solvent Extractors' Association (SEA) showed total exports surged to 354,252 tonnes compared to 231,297 tonnes in the corresponding month of the previous year.

 

However, overseas shipments during the first half of the financial year recorded a marginal rise of 12% to 1.38 million tonnes as compared to 1.23 million tonnes in the same period of the previous year.

 

The second quarter of the current financial year was better than the first quarter as farmers released heldover stocks amid fears that prices may collapse after the new crop hits the market in October.

 

Close to 40% of nearly 9.7 million tonnes soy produced last year was held by farmers until June in anticipation of higher prices in the ongoing lean season. But farmers and analysts released stocks gradually to create space for the new crop. A sudden recovery in price made crushing profitable, resulting in mills raising their capacity to clear last year's stocks before new arrivals begin.

 

This year, the output of oilseeds is estimated to rise, with soy output likely to be over 10 million tonnes for the first time.

 

In the first quarter, oilmeal exports were 536,700 tonnes as compared to 614,528 tonnes in the previous year, a decline of 13%. However, they recovered in the second quarter to 839,509 tonnes as compared to 619,433 tonnes in the same period of the previous year.

 

Soymeal exports rose 32% in the first half of the current financial year to 852,877 tonnes from 644,569 tonnes in the corresponding period of the previous year.

 

Oilmeal imports by South Korea April-September 2010 were 181,803 tonnes as compared to 182,920 tonnes, consisting of 109,387 tonnes of rapeseed mea and small quantity of 7,812 tonnes of soymeal.

 

China reported import of 182,007 tonnes as compared to 169,702 tonnes of last year, including 155,758 tonnes of rapeseed meal and 12,273 tonnes of soymeal.

 

Japan reported import of 388,778 tonnes as compared to 171,920 tonnes last year consisting of 373,478 tonnes of soymeal and 15,300 tonnes of rapeseed meal.

 

Vietnam imported of 224,342 tonnes as compared to 328,656 tonnes last year consisting of 144,457 tonnes of soymeal, 26,735 tonnes of rapeseed meal and entire 53,150 tonnes of rice bran extraction.