Local oilseed crushers want government to raise import duties on edible oils
The Dollar Business Bureau The Indian government is under pressure from the local oilseed crushers to raise the import duties on edible oils after domestic oilseed prices slumped way below the government support levels. Cheap edible oil imports from Malaysia, Brazil, Indonesia and Argentina are crushing the demand of local oilseeds like rapeseed and soybeans while farmers are struggling to compete with them. The prices of local oilseeds slumped to a new low, over the past 14 months due to bumper crop production. Affluent oilseed farmers are pressurising the government to increase the import duties to encourage domestic oilseed cultivation for 2017-18. Davish Jain, Chairman of the Soybean Processors Association while speaking to the press said, “It's high time to do it. The sowing ...
Oilmeal exports grow 115% last month
The Dollar Business Bureau India’s oilmeal exports grew a whopping 115% in February 2017, due to a sharp increase in soyameal exports, according to The Solvent Extractors' Association of India (SEA) data. India exported 2,63,509 tonnes of oilmeal as against 1,22,527 tonnes in February 2016. The accumulative exports of oilmeal grew 18% to 16.73 lakh tonnes during the first eleven months of 2016-17 fiscal as against 14.23 lakh tonnes during the corresponding period of last year. India exported 15.29 lakh tonnes of oilmeal in 2015-16. "The export of oilmeals during February 2017 has more than doubled and reported at 2,63,509 tonnes compared to 1,22,527 tonnes in February 2016," SEA said in a statement. South Korea remained the top importer of Indian oilmeal at 5,10,006 tonnes, ...
Ruchi Soya sells stake in JV firm
The Dollar Business Bureau Ruchi Soya announced that they have sold their entire stake to the joint venture firm Ruchi Kagome Foods India for Rs.63 crores. The company in a BSE filing said that they have disposed a complete stake into the joint venture firm for Rs.63 crores and have also signed a Share Purchase agreement and Termination Agreement with Kagome company and others on May 20, 2016. This has resulted in the termination of joint venture arrangements with other parties. In 2013, the company got into a JV with Kagome Co. and Investment, the Japanese tomato products company and Mitsui & Co., for manufacturing ketchup, tomato puree and other products in India. For the launch of products like healthy cooking oil in India, ...
Soymeal exports hit historic low; down 91% in Jan
Of the total 69265.50 metric tonnes exported during April-January 2015-16, Kuwait was the largest importer with shipment of 10867.315 MT. The Dollar Business Bureau As per port-wise data, Mumbai JNPT topped with total shipment of 42392.869 MT against 173410 MT year-on-year, followed by Kandla (15030 MT) and Mundra (11842 MT). Export of Soybean meal witnessed 92.58% decline during January this year and reduced to 7,707 tonnes compared to 1.03 lakh tonnes exported during the same month of the previous year. According to the Soybean Processors Association of India (SOPA), on the financial year basis, exports between April 2015 and January 2016 witnessed 87.06% decline compared to the figure of the ...
Indias oilmeal exports plunge 58% on high prices of soybean
The Dollar Business | @TheDollarBiz India’s oilmeal exports in August 2014 have dropped sharply to 133,404 tonnes, which is down about 58% from 317,161 tonnes exported in August 2013. According to the Solvent Extractors’ Association of India (SEA), India’s overall oilmeal exports during April-August 2014 also declined around 36% to 864,929 tonnes from 1.35 million tonnes exported in the corresponding period last year. The steep decline is mainly due to high soybean prices in the domestic market, says SEA. Poor monsoon last year reduced supplies of soybean for crushing in the manufacture of edible oil. According to USDA estimates, India’s soybean meal production in 2013 is estimated at 6.88 million tonnes, which is down almost 12% from an estimated 7.8 million ...
