December soyoil settled 0.26 cents, or 0.6%, lower at 42.23 cents per pound. August soymeal settled $1.80, or 0.6%, lower at $309.30, and December soymeal ended $4.60, or 1.6%, lower at $289.80 per short ton. (Source: CME)
China July Edible Oil Imports 620,000 Tons; Down 33% On Year(Source: CME)
China's edible oil imports in July fell 33% on year to 620,000 metric tons, but rose 6.9% on month, the General Administration of Customs said Tuesday.
In the January-July period, edible oil imports fell 13% on year to 3.79 million tons.
Argentina Soyoil Exports To India Rising; China Still Not Buying(Source: CME)
India is ready to sharply increase its soyoil buying from Argentina, with exports to the Asian country expected to reach $1.5 billion this year, Argentina's foreign ministry said.
Argentine soyoil sales to India last year totaled just $16 million, according to Argentina's agricultural sanitation service Senasa. Argentine officials are working hard to increase soyoil exports to India to make up for lost sales to China. China led Argentine soyoil imports last year, buying over $2 billion worth, according to Senasa.
According to the release, India's ambassador to Argentina, Rengaraj Viswanathan, made the commitment to increase sales in a meeting with Foreign Minister Hector Timerman on Monday.
India has already bought over $1 billion worth of soyoil during the first six months of the year, Viswanathan said, according to the release.
In April, China blocked the import of Argentine soyoil, citing quality issues, in a move widely seen as retaliation for barriers imposed by Argentina to slow the flow of Chinese products into the local market.
China is the largest buyer of Argentine soyoil and soybeans, Argentina's top export, and China depends on Argentina for the bulk of its soyoil imports.
But China has stood firm, shifting its soyoil buying to the United States and Brazil. Argentina's soyoil exports to China during the first half of the year totaled just 106,050 metric tons, down from over a million tons during the same period a year earlier, according to the Senasa.
While Argentine officials are optimistic that the spat with China will be worked out soon, that may be easier said than done. Last month, Argentina slapped new tariffs on some Chinese textile and food processor imports, a move sure to increase tension with the Asian giant.
As in previous cases, Argentina accused Chinese manufactures of dumping and fixed a minimum reference price for import taxes on the goods.
While the dispute with China drags on, Argentina is pushing hard for India to take up the slack. Argentina's agriculture minister, Julian Dominguez, recently traveled to India, the world's second-largest edible oil consumer after China, in an attempt to jump-start the trade.
The South-Asian country meets more than half of its annual needs through imports of palm oil from Indonesia and Malaysia and soyoil from Brazil and Argentina.
Palm oil down 2 pct after weaker export concerns
KUALA LUMPUR, Aug 10 (Reuters) - Malaysian crude palm oil futures fell from a 15-month high as investors took profits on lower overseas demand and weaker soyoil markets after a string of palm oil data pointed to a possible stock rise.
"The vessels lining up in Malaysian ports are getting fewer, for now this will play the biggest role in whether the market will continue to go higher or maybe the starting point for the market to turn back," said a trader in Kuala Lumpur.
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