Soybean oil import up 112% in Nov-March

Lower domestic soyabean crushing has sent jitters to domestic industry as soyabean oil import has gone up by 112 per cent during November 2013 to March 2014. Soybean oil imports during November 2012 - October 2013 period was 1.09 million tonne.

According to Solvent extractors Association (SEA) data, soyabean oil import has gone up to 5,28,286 tonnes as compared to 2,48,728 tonnes imported during corresponding period of last year.

For this year, soybean oil production is likely to be lower by around 8 per cent as Central Organization for Oil Industry & Trade (COOIT) has estimated.

"We believe this would lead to more imports as consumption is steadily growing. For the rest of the period, we expect imports to be around one million metric tonne, taking marketing year imports to 1.5 million metric tonne," Raju Choksi, Vice-President (Agri-Commodities), Anil Nutrients Ltd. and a member of SEA said. Indore-based Sopa (Soyabean processors association of India) has also said poor arrival of the commodity in the market has adversely affected the domestic industry.

"This year crushing is lower by 20-25 per cent since farmers are not selling the commodity in anticipation of better crop and in wait of monsoon this year as a result import will certainly rise," Rajesh Agrawal, spokesperson Sopa said.

The Association has further said, 9.7 million tonne of crop was available last year which has slipped to 8.98 million tonne this year. Even Madhya Pradesh has reported only 5 million tonne of crop available for crushing as against 5.7 million tonne available last year, according to COOIT.