India’s May edible oil imports fell 5.89 percent
Ram Gopal Yadav (7 years ago)

According to Solvent Extractors Association (SEA), India’s May edible oil imports fell 5.89 percent y-o-y to 12.46 lakh tons from 13.24 lakh tons in May 2017. Palm oil imports in May fell 37.7 percent y-o-y to 4.97 lakh tons from 7.98 lakh tons in May 2017. CPO Imports fell 32.5 percent y-o-y to 3.32 lakh tons from 4.92 lakh tons in May 2017. RBD palmolein imports fell 46.26 percent y-o-y to 1.58 lakh tons from 2.94 lakh tons in May 2017. Soy oil imports rose 16.76 percent in May y-o-y to 3.97 lakh tons from 3.40 lakh tons in May 2017. Sunflower oil imports rose 113.5 percent y-o-y in May to 3.31 lakh tons from 1.55 lakh tons in May 2017. Rapeseed (canola) oil import fell to 24.14 percent 0.22 lakh tons compared 0.29 imports in May 2017.

India Govt hiked import duty on eedible oils imports.
Ram Gopal Yadav (7 years ago)

Import duty on crude soy oil was hiked from 30% to 35% while on refined soy oil it was hiked to 45% from 35%. Import duty on crude sunflower oil was hiked to 35% from 25% and on refined sunflower oil was hiked to 45% from 35%. Import duty on crude rapeseed oil was hiked to 35% from 25% and on refined repeseed oil was hiked to 45% from 35%.

Soybean up in Indore on delay in progress of monsoon.
Ram Gopal Yadav (7 years ago)

Soybean prices in Indore rose because of reports of delay in the progress of southwest monsoon in the interior parts of the country. Most Madhya Pradesh markets were closed because of Amavasya. The most-active July contract on NCDEX were up 31 rupees at 3,449 rupees per 100 kg.

Brazil’s soybean exports to Argentina near 250,000 mt
Ram Gopal Yadav (7 years ago)

Crushers in Argentina, which is experiencing its worst drought in decades, have imported 245,000 mt of Brazilian soybeans so far this year, more than the last seven years combined, and the total is expected to rise. From Brazil, exports to Argentina reached 109,000 mt last month, taking the total to nearly a quarter of a million tonnes so far this year. Argentina, the world’s third largest producer and exporter of soybeans and the largest exporter of soymeal and soyoil, has suffered a dry summer that has baked its crop and slashed soybean production by almost 40% to about 35 million mt. In order to keep crushers running and meet contractual commitments to sell soymeal and soyoil, Argentina’s crushers have bought almost 500,000 mt from the US. But while that is for delivery in the next crop year, starting in September, crushers had been seeking more immediate purchases from Brazil.

Chinese soybean stocks extend record high.
Ram Gopal Yadav (7 years ago)

Soybean stocks at major crushers in China rose again last week to hit a fresh record high of 8.54 million mt. China is expected to import 97 million tonnes of soybeans from all origins in the marketing year ending Aug. 31. The country imported more than 36 million tonnes of U.S. soybeans in the 2016/17 season.

Mustard seed up in Jaipur on demand from millers.
Ram Gopal Yadav (7 years ago)

Prices of mustard were up in Jaipur, Rajasthan, because demand for the seed has increased from the meal and oil producers. Mustard in Jaipur, the benchmark market for the oilseed, was up 25 rupees at 4,075-4,080 rupees per 100 kg. The arrivals of mustard in Rajasthan were unchanged at 90,000 tn. Lower imports of edible oil in May are likely to increase the demand for the oilseed in the local market which is seen supporting the sentiment. The import of edible oil in May was down 8.9% on month at 1.37 mln tn. The most active July contract of mustard on the NCDEX was up.