Government Claims Oilseed Meal Shipping Down 4% In August.

During to the industry body Solvent Extractors Association (SEA), the main reason for the decline in exports was the decline in oilseed meal production in the domestic market.

 To meet the local shortage, the government has allowed the import of genetically modified (GM) soymeal, and this should provide some relief to the poultry industry, it said in a statement.  Oilseed meal is used in poultry and other fields as animal feed. 

According to a report released by the Solvent Extractors Association (SEA), soymeal exports fell sharply to 10,975 tonnes in August this year from 58,190 tonnes in the previous period.  India currently has high prices for soymeal exports.  

Exports are unlikely to revive until a new crop arrives in October-November.

 Exports of castor meal also declined to 18,160 tonnes from 32,825 tonnes during the period.  However, exports of rye flour increased to 63,058 tonnes in August this year from 50,580 tonnes in the previous period, and exports of rice bran risen from 29,375 tonnes to 72,638 tonnes.

 The SEA said higher shipments to South Korea, Thailand, and Bangladesh have led to a significant increase in exports of rye flour. Likewise, rice bran exports have increased due to high demand from Vietnam and Bangladesh.  While South Korea, Vietnam, and Thailand are the main export destinations for India.  In the future, flour exports may still decline.

 Prices fall as import duty falls: Govt.

 Prices in the domestic market have softened as the central government reduced import duties to curb the rise in edible oils. As a result, the central government said prices of eight edible oils in wholesale markets across the country showed a declining trend in the last week.  In addition, the government took several measures to increase local supply and curb hoarding. As a result, wholesale prices of groundnut oil, rye oil, vegetable, sunflower oil, palm oil, coconut oil, and sesame oil declined in the week ended September 14.

 According to the Ministry from Consumer Affairs, the wholesale price of palm oil fell by 2.50 percent to Rs 12,349 per tonne on September 14 from Rs 12,666 per tonne a week ago.  Wholesale prices of sesame oil decreased by 2.08 percent to Rs 23,500 per tonne and coconut oil by 1.72 percent to Rs 17,100 per tonne.  Similarly, the wholesale price of sunflower oil fell by 1.30 percent to Rs 15,965 per tonne on September 14 from Rs 16,176 per tonne a week ago.  Peanut oil fell by 1.38 percent to Rs 16,839 per tonne during the period.