3/9/04 CEDAR FALLS, Iowa (Dow Jones)--India's soybean oil imports inMY 2003 are estimated lower at 750,000 metric tons, due to higher pricescoupled with high shipping costs, according to information from the U.S.Department of Agriculture's Foreign Agricultural Service web site, datedAug. 31 andreleased Friday.
MY 2003 Edible Oil Imports LowerEdible oil imports during the first ten months of MY 2003 (Oct-Sep)are estimated at 3.04 million tons, 28% less than the quantity importedduring the corresponding period of MY 2002. Trade sources attribute thedecline to increased domestic crush and high international prices. Due todiminishingdomestic stocks, declining world prices, and typical higher demandassociated with the festival season during September-November, Postestimates imports to increase to 600,000 tons per month during August andSeptember, taking the MY 2003 imports to 4.25 million tons.Post lowers estimate for MY 2003 palm imports to 3.45 million tons,although its share in total vegoil imports is estimated to increase, duemainly to its relatively lower landed cost. Soybean oil imports in MY 2003are estimated lower at 750,000 tons, due to higher prices coupled withhigh shipping costs. Prices though have softened in recent months. Importsof sunflower oil continue to remain low, accounting for only 1.7% of totalvegetable oil imports.
MY 2003 meal exports higherMeal exports during October 2003 to July 2004 increased 169% to 4.0million tons over the corresponding period of MY 2002, due to improveddomestic supplies and higher demand from traditional markets. Soybean mealexports jumped 184% to 3.28 million tons (excluding rail/road exports toPakistan and Bangladesh and container shipments) and are estimated at arecord 3.45 million tons for the full MY 2003 (Oct-Sep). Domestic soybeanmeal consumption is estimated lower to 1.15 million tons in MY 2003,compared to 1.6 million tons in MY 2002, due to increased availability ofless expensive alternative protein feeds.Rapeseed meal exports continued to expand, reaching 535,000 tonsduring October 2003 to July 2004, 55% higher than the corresponding periodof MY 2002. Trade sources attribute higher exports to increased demandfrom South East Asian markets due to tight soybean meal supplies.Increased demand from traditional markets in South East Asia led to agrowth in peanut meal exports, which reached 218,000 tons during the first10 months of MY 2003 compared with just 1,600 tons during thecorresponding period of MY 2002.