India oilmeal export prospects increasing while Veg oils port stocks declining
Total oilmeal export increased by 5.5% from the previous month and soybean export increased by 23%. However, Rapeseed meal export declined in Jan’19 but for the year (Apr-Jan) increased by 85%. this year crop also expected to increase by 7% in India.
In front Veg oil imports, & Port stocks of India situation is slightly different due to high veg oil import duty.
In last season total veg oil import declined by 4%, however, this year import may recover on high demand as port stocks also shrinking. Jan’19 stocks down by 4%, Soy oil stocks are continuously low from the past two months, while some recovery is witnessed in palm oil stocks.
The Solvent Extractors’ Association of India has compiled the export data for export of oilmeals for the month of January 2019. The export of oilmeals during January 2019, provisionally reported at 283,850 tons compared to 269,668 tons in January 2018. The overall export during April 2018 to January 2019 is reported at 2,692,452 tons compared to 2,516,657 tons during the same period of last year i.e. up by 7%. The export of rapeseed meal is sharply increased to 897,537 (486,917) tons in first ten months, mainly exported to South Korea, Vietnam and Thailand.
The export of rapeseed meal and soybean meal to China is unlikely to resume during current financial year as the procedure for registration with MoA, China is too cumbersome, lengthy and time-consuming to complete all formalities.
Iranian market has opened up for Indian soybean meal. During the current year from April 2018 to January 2019, about 2.8 lakh tons of soybean meal shipped against last year just 23,000 tons, supporting export of oilmeals from India.