South Korea to import Indian rapeseed meal
South Korea will import 24,000 tonnes of rapeseed meal from India in the next two months. The move came after the prices of edible oil in Germany and other European market shot up in the past few weeks. According to reports, South Korean food grain group Korea Feed Association on Thursday bought 12,000 tonnes of Indian rapeseed meal at the rate of $275.98 per tonne. Traders in Europe said that the import of Indian oil meal will cost the buyer an additional surcharge of $1.75 per tonne for port unloading. The purchase has been made for delivery around August 30, the report said. On Friday, another South Korean firm NOFI has also purchased 12,000 tonnes of rapeseed meal from India. The price of rapeseed has increased in the global market amid concern over crop damage due to unfavourable weather condition in Germany, one of the largest suppliers of the commodity among European Union countries. However, according to the United States Department of Agriculture (USDA), the rapeseed harvest in EU is expected to increase by 500,000 tonnes this year. “Although Germany and Poland have been quite dry since May, EU rapeseed yields may gain from a mild winter and abundant early spring rainfall. A higher supply is forecast to boost the EU rapeseed crush by 150,000 tonnes in 2015-16 to 24 million tonnes,” the USDA said in its global outlook released last month.
July 3, 2015 | 8:07 pm IST.
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