Mumbai, 17 May (Commoditiescontrol): The Solvent Extractors’ Association of India has released the provisional export data for oil meals in April 2023, showing a significant surge of 48% compared to the same period last year. The rise in exports can be attributed to the increased demand for soybean and rapeseed meals.
The soybean meal export experienced a substantial boost due to the fall in local soybean prices. In April 2022, soybean prices in India reached Rs.7640 per quintal, but they dropped to Rs.4550 per quintal in April 2023. This decline made soybean meal exports more attractive over the past seven months. As of May 12, 2023, the price of Argentina soybean meal Ex-Rotterdam was quoted at US$ 516 per ton, while Indian soybean meal Ex-Kandla was quoted at US$ 570 per ton. Indian soybean meal, being non-GMO, enjoys an advantage and is preferred by certain European countries and the United States. Additionally, India has a logistical advantage in supplying soybean meal in smaller lots to South East Asian countries. The rupee depreciation has also contributed to the overall increase in exports.
In the case of rapeseed meal, the current financial year (2022-23) has seen a record-breaking export of 22,96,943 tons, the highest since exports began. The trend of rapeseed meal exports has continued to rise in the first month of the financial year 2023-24, with 246,568 tons exported in April 2023, compared to 229,208 tons in April 2022. As a result, India has become the most competitive supplier of rapeseed meals to countries such as South Korea, Vietnam, Thailand, and other Far East countries. The price of rapeseed meal FOB India is currently quoted at US$ 240 per ton, while rapeseed meal Hamburg ex-mill is quoted at US$ 299 per ton.
Despite the support from rapeseed meal exports, edible oil prices, both in the international and domestic markets, have deteriorated. As a result, mustard seed is being sold below the Minimum Support Price (MSP) of Rs. 5450/100 kg, at Rs. 5100 per 100 kg. This discourages farmers from selling mustard for crushing. In the meantime, the Solvent Extractors’ Association has revised the estimate for mustard crop production downward to 111.80 lakh tons from the earlier estimate of 115.25 lakh tons made in March. This revision is due to the impact of unseasonal rain in March 2023, which affected the standing crop of mustard seed.
The major importers of Indian oil meals in April 2023 were South Korea, Thailand, Vietnam, and Bangladesh. South Korea imported 86,230 tons of oil meals, primarily consisting of 78,787 tons of rapeseed meal, 4,445 tons of castor seed meal, and 2,998 tons of soybean meal. Vietnam imported 100,860 tons of oil meals, including 18,107 tons of rice bran extraction, 36,229 tons of rapeseed meal, 46,391 tons of soybean meal, and 133 tons of groundnut meal. Thailand imported 68,519 tons of oil meals, with a majority of 60,493 tons being rapeseed meal, followed by 4,526 tons of soybean meal, 2,907 tons of rice bran extraction.
(By Commoditiescontrol Bureau: 09820130172)
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