Latest News From Oil World

27 Mar, 2017
Latest News From Oil World
According to information from Oil World, oilseeds import in China grew significantly in February 2017. Soybean import reached 5.54 mln tons (4.51) including 4.43 mln tons (3.89) soybean from the USA and 0.69 mln tons (0.27) from Brazil.

No deliveries were made from Argentina versus 36,000 tons in February 2016. Rapeseed import reached 560,000 tons (500,000) during the month including 554,000 tons (498,000) from Canada. Oilseeds import will reach record 94 mln tons (89.2) during 2016 - 2017 including 87.7 mln tons of soybean (83.2) and 4.3 mln tons of rapeseed (4).

In February the import of the main oilseeds in China grew versus the previous year. Palm oil import was 350,000 tons (273,000) including 207,000 tons (165,000) from Indonesia and 143,000 tons (107,000) from Malaysia. Rapeseed import reached 78,000 tons (47,000) including 77,000 tons (38,000) from Canada. Soybean oil deliveries were 29,000 tons (79,000) including 0 tons (46,000) from Brazil, 4,000 tons (12,000) from Ukraine and Russia and 23,000 tons (20,000) from the USA.

Soybean meal export from China went down to 38,000 tons in February, which was lower than analysts' estimates and much lower than February 2016 – 102,000 tons. Export to Japan reached 12,000 tons (70,000), 15,000 tons (17,000) were exported to the EU and 1,000 tons (3,000) to Vietnam. Soybean meal export has reached 416,000 tons (547,000) since the start of the season including 253,000 tons (355,000) to Japan, 85,000 tons (85,000) to the EU and 14,000 tons (33,000) to Vietnam. Raoeseed meal import grew up to 65,000 tons (0) in February; the numbers for the period since the start of the season read 325,000 tons (5) including 325,000 tons from Canada.

Oilseed oil import decline is expected in India during the 2016 – 2017 season down to 14.81 mln tons (15.19) including soybean oil - 3.55 mln tons (4.41), rapeseed oil - 0.3 mln tons (0.35), palm oil - 8.88.mln tons (8.77) and sunflower oil - 1.95 mln tons (1.53). Oilseed oil production in India will be 5.89 mln tons (4.61).

The government of India has introduced a lower import tax on sunflower of 30% down from 10%. The new tax will be valid between April and September 2017.

Sunflower processing in the world will reach 18.49 mln tons (16.77) in the second half of 2016 – 2017. 5.55 mln tons of sunflower (5.13) will be processed in Ukraine, 4.22 mln tons (3.8) in Russia, 3.24 mln tons (2.96) in the EU and 1.67 mln tons (1.49) in Argentina. Sunflower processing worldwide will be 42.3 mln tons (38) throughout 2016 – 2017.