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| Oilmeal exports dip 57% on poor global demand |
| BS Reporter / Mumbai Jul 05, 2009, 00:09 IST |
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Shipment of oilmeals declined by 57 per cent in the first quarter of the current financial year on poor overseas demand.
According to data compiled by Mumbai-based Solvent Extractors’ Association (SEA), overall exports of animal feed fell to 614,528 tonnes during the April -June quarter as compared to 1.43 million tonnes in the corresponding quarter of the last year.
The total export of soybean meal nosedived 74 per cent in the quarter to 287,047 tonnes from a staggering 1.10 million tonnes, while exports of rice bran extraction slumped to 38,488 tonnes from 81,418 tonnes. Similarly, castor extraction export fell to 40,290 tonnes from 46,610 tonnes in the period.
In contrast, exports of rapeseed extraction surged to 248,646 tonnes during the quarter from 197,195 tonnes in the previous comparable quarter.
The total oilmeal export during June 2009 has come down to 197,593 tonnes compared to 295,204 tonnes in June 2008. Of this, soybean extraction contributed 109,923 tonnes (241,508 tonnes), rapeseed extraction 58,805 tonnes (19,245 tonnes), rice bran extraction 12,580 tonnes (10,966 tonnes) and castorseed extraction 16,046 tonnes as against 23,485 tonnes in June 2008.
A soybean crop failure in South America has resulted in a sharp decline in supplies of the largest consumable edible oilseed by 22 million tonnes during the current season. Following this, the price of soybean and other oilmeals have firmed up since January this year. Though the prices have come down slightly in the last few days due to weak global demand. Prices of soybean meal slumped to $450 a tonne on July 2 from the average price of $460 and $461 in June and May, respectively. Similarly, rapeseed meal fell to $248 a tonne after hitting a high of $255 in June.
During the quarter, China bought 93,289 tonnes of oilmeals, mainly of rapeseed meal at 92,629 tonnes and a small quantity of soybean meal. However, export to Vietnam was reduced by over 50 per cent to 200,677 tonnes from 413,954 tonnes in April-June 2008. Similarly export to South Korea, Japan, Indonesia and Thailand were also hit by reduced demand.
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