| Oilmeal exports up 14% in August on better prices | |
| BS Reporter / Mumbai Sep 08, 2010, 00:41 | | | | | |
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Better overseas realisation, a higher forex rate and improved domestic availability pushed oilmeal exports up 14 per cent in August.
Data compiled by the Mumbai-based Solvent Extractors’ Association of India (SEA) show overall oilmeal exports at 244,075 tonnes in August as compared to 214,807 tonnes in the corresponding month last year.
Total exports in April-August, however, recorded a marginal two per cent rise at 1,021,957 tonnes, as compared to 1,002,664 tonnes in the same period last year. In the first quarter of the current financial year, oilmeal shipment continuously declined due to drastic fall in prices. The availability, especially of soybean meal, was also reduced due to farmers’ reluctance to supply to mills for crushing, in anticipation of higher prices.
Now, stockists and farmers have realised that holding soybean is unlikely to fetch higher value, on estimates of a bumper crop this kharif harvesting season. Nearly 35 per cent of about 9.5 million tonnes of soybean was held with farmers and stockists before this kharif season, beginning June. Now, the quantity is being released gradually.
As a consequence, oilmeal exports started picking up gradually in July, which recorded total shipment of 241,182 tonnes, a rise of 39 per cent from 173,329 tonnes in the same month last year. Experts believe this will continue in the coming months as well. Since June, realisation in the overseas market has improved. The average soybean meal price shot up sharply to $374 a tonne in August, a sharp rise from $349 a tonne in June.
Similarly, ricebran extraction price also shot up to $185 per tonne from $171 a tonne in the month under consideration. The prices of rapeseed meal and castorseed meal, in contrast, declined marginally to $224 a tonne and $74 a tonne in August, from $227 a tonne and $75 a tonne in June, respectively.
India’s export to South Korea was reported at 155,893 tonnes in April-August, consisting of 96,212 tonnes of rapeseed meal, 54,631 tonnes of castor seed meal and 5,050 tonnes of soybean meal. During the same period of last year, however r, South Korea imported 160,316 tonnes of oilmeal from India. China reported import of 176,261 tonnes, comprising 150,303 tonnes of rapeseed meal, 13,371 tonnes of groundnut meal, 11,982 tonnes of soybean meal and 605 tonnes of castorseed meal. The country reported an import of 156,892 tonnes in April-August last year.
Japan reported an import of 265,264 tonnes as compared to 113,763 tonnes in the previous year. Total export to Japan consisted of 249,964 tonnes of soybean meal and 15,300 tonnes of rape seed meal. Vietnam imported 45,208 tonnes compared to 269,328 tonnes last year, consisting of 85,153 tonnes of soybean meal, 18,605 tonnes of rape seed meal and entire 41,450 tonnes of rice bran extraction.
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