Saturday, July 22, 2017

India Soybean crushing declines on cheap Oil imports

India is likely to see around a fifth of its Soybean output going uncrushed this season, thanks to a sharp fall in prices and cheap oil imports from Indonesia and Malaysia.The data compiled by the Solvent Extractors’ Association of India (SEA), showed 15% increase in import of vegetable (edible and non-edible) oil at 1.34 million tonnes in June 2017 compared to 1.17 million tonnes in the corresponding month last year.

The apex industry, Soybean Processors Association of India (SOPA), has estimated India’s Soybean output at 11.49 million tonnes for the year 2016-17. With a carryover stock of 441,000 tonnes, overall availability of Soybean for crushing and direct consumption stood at 11.93 million tonnes. Around 8.5 million tonnes  of the overall availibility is estimated to be used for crushing.
Farmers are likely to use 1.2 million tonnes of sowing for the ongoing kharif season. Apart from that, SOPA estimates 150,000 tonnes for direct consumption and 250,000 tonnes for exports.

The Ministry of Agriculture, however, has on July 14 reported a sharp decline in sowing area under Oilseeds including Soybean with total acreage at 10.39 million in this kharif sowing season, compared to 11.58 million by the same time last year.

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