SGS Export up 16.4% to 708,384 tonnes for the period of 1~15 Jul 2010
ITS Export up 11.3% to 668,573 tonnes for the period of 1~15 Jul 2010
Soyoil futures inched higher, keeping pace with advances in the rest of the complex. However, advances were limited by adjustments in the meal/oil spread relationship, and a larger-than-expected buildup of June soyoil stocks reported by National Oilseed Processors Association. December soyoil settled 0.09 cent, or 0.2%, higher at 38.90 cents per pound.(Source: CME)
Boom In US Soyoil Sales To China May End - US Group(Source:CME)
The recent boom in U.S. soyoil sales to China may stop as quick as it started if Argentine producers are allowed back into the competition, a U.S. Soybean Export Council official said Tuesday.
China stopped buying soyoil from Argentina in April during a trade spat between the two countries and U.S. exporters soon stepped in to fill the void. The U.S. has sold about 200,000 tons of soyoil to China in a matter of weeks during June and July.
The Argentine government has been working to regain China as a soyoil customer and if that happens, U.S. Soybean Export Council Director Paul Burke said, the U.S. will once again not be able to compete.
Argentina, through the use of differential export taxes, subsidizes the exportation of soyoil, Burke said. No mater what U.S. exporters do, Argentine product will be cheaper.
If China and Argentina resolve their differences and China agrees to resume importing soyoil from the South American country, the U.S. will devolve back into a residual supplier, only making infrequent sales, Burke told Dow Jones Newswires.
China is the world's largest soyoil-importing country and Argentine President Cristina Fernandez is expected to try and woo the country back as a customer during her trip this week to Beijing.
China is expected to import 1.6 million tons of soyoil in the 2009-10 marketing year and 2.15 million tons in 2010-11, according to U.S. Department of Agriculture predictions.
One development stemming from the recent U.S. sales to China is the country's decision to conduct a risk assessment on U.S. soyoil. USDA and exporters have said they hope that assessment will result in China no longer requiring individual phytosanitary certificates to show that shipments of U.S. soyoil aren't contaminated.
If that happens, it will boost U.S. soyoil export opportunities in China even if Argentina does return as China's primary supplier, according to Burke and American Soybean Association Vice President Steve Wellman.
India June Vegetable Oil Imports Fall 6.2% To 732,232 Tons(Source: CME)
India's vegetable oil imports during June fell 6.2% from a year earlier to 732,232 metric tons due to higher imports in the previous few months and large stocks at ports, the Solvent Extractors' Association said Wednesday.
Total vegetable oil imports during the first eight months of the marketing year that began Nov. 1 fell to 5.6 million tons from 5.8 million tons in the same period a year earlier, the trade body said in a statement.
The South Asian nation, the world's second-largest vegetable oil importer after China, bought 692,952 tons of edible oil in June, compared with 742,481 tons a year earlier, it added.
Indian companies imported higher quantities in the November-January period due to fears the government may impose a tax on crude edible oils and increase the import duty on refined edible oils from the current 7.5%. However, the companies pared imports in later months after the government kept the tax structure unchanged and stocks at ports started piling up.
The trade body said total edible oil stocks at ports were estimated at 550,000 tons as of July 1, which comprises 270,000 tons of crude palm oil, 65,000 tons of refined, bleached and deodorized palm olein, 160,000 tons of soyoil and 60,000 tons of sunflower oil.
Also, there are current contracts to import another 560,000 tons of edible oil, it added.
The trade body also said India imported 421,462 tons of crude palm oil in June, while RBD palm olein imports stood at 42,282 tons.
Soyoil imports fell 25.5% to 192,649 tons, while imports of sunflower oil also declined 37% to 34,559 tons during the period, it added.
India imports palm oil mostly from Indonesia and Malaysia and soyoil from Argentina and Brazil.
Imports of non-edible oils rose 3% to 39,280 tons during June. Non-edible oil is mainly used to make soaps and detergents, and for various other industrial purposes.
Palm at 2-week high on output worry, crude oil
JAKARTA, July 14 (Reuters) - Malaysian crude palm oil rose to a 2-week high on midday Wednesday, buoyed by expectations of low stocks because of a production slowdown and gains in crude oil.
"The production number was basically bullish, stocks were lower than expected. It formed a base for the market to rebound from the low," said a trader in a foreign-brokerage firm in Kuala Lumpur.
India June vegoil imports fall for 6th straight mth
NEW DELHI, July 14 (Reuters) - India's vegetable oil imports fell for the sixth straight month in June, dropping by 6 percent from a year ago on higher stocks at the ports, a leading trade body said on Wednesday.
June imports of vegetable oils dropped to 732,232 tonnes from 780,679 tonnes a year ago, the Solvent Extractors' Association said in a statement.
