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* India's soymeal exports in May fell 13% on year to 40,000 tn, the Soybean Processors Association of India. For Oct-May, soymeal exports plunged to 550,000 tn from 1.79 mln tn in the year-ago period. In May, production of soymeal rose to 559,000 tn from 479,000 tn a year ago, while the output for Oct-May was at 4.23 mln tn, down from 5.99 mln tn in the year-ago period. Soybean arrivals in spot markets totalled 400,000 tn in May, up from 225,000 tn a year ago. However, for Oct-May, arrivals declined to 7 mln tn from 7.98 mln tn in the year-ago period. By the end of May, mills, traders, and farmers were left with around 6.2 mln tn of soybean stock. Crushing is now expected to be at 8 mln tn, against the previous estimate of 8.8 mln tn, while local meal consumption is projected at 5.4 mln tn, down from 5.6 mln tn earlier. Import of soymeal is projected at 700,000 tn, up from the earlier estimate of 400,000 tn.

* The US Department of Agriculture in its May report has projected global oilseed output for 2022-23 (May-Apr) to rise 8.4% to 647.2 mln tn from 596.9 mln tn recorded last year. The agency attributed the jump to an estimated record soybean harvest in Brazil and Argentina. The agency has projected global soybean output to rise by 45.3 mln tn to 394.7 mln tn. Brazil's soybean crop is estimated at a record 149 mln tn, while Argentina's crop is seen 9 mln tn higher at 51 mln tn. The agency has scaled up its estimate for global ending stocks for 2022-23 to 99.6 mln tn, up 14.4 mln tn year-on-year, with most of the increase in Brazil, Argentina, and the US. Estimate for global soyoil production for 2021-22 has also been revised upwards to 61.4 mln tn from 59.1 mln tn recorded the previous year. Moreover, the estimate for global soyoil exports in 2022-23 has been revised marginally higher to 12.8 mln tn from 12.3 mln tn. The department projected global soymeal output for 2022-23 at 256.5 mln tn, up from 246.1 mln tn on year. The estimate for global exports of soymeal in 2022-23 is higher at 69.8 mln tn, compared with 67.7 mln tn pegged the previous year.

* India's vegetable oil imports in April fell nearly 13% on year to 911,846 tn, The Solvent Extractors' Association of India. The fall in imports is primarily due to supply constraints because of the Russia-Ukraine geopolitical conflict, coupled with Indonesia's ban on the export of palm oil, among other cooking oils, in effect from Apr 28. During Nov-Apr, imports of vegetable oil stood at 6.7 mln tn, as against 6.4 mln tn a year ago. Edible oil imports were at 900,085 mln tn in April, against 1.03 mln tn a year ago. For Nov-Apr, these imports stood at 6.5 mln tn, as against 6.3 mln tn in the year-ago period. In April, 414,829 tn of crude palm oil was imported, as against 689,731 tn during the same month last year. As on May 1, 416,000 tn of edible oil was at ports, against 491,000 tn a year ago, while 1.8 mln tn was in the pipeline, against 1.3 mln tn during the same period last year.

* India's oilmeal exports fell 25% on year to 242,043 tn in March, according to data released by The Solvent Extractors' Association of India For 2021- 22 (Apr-Mar), exports of oilmeal were down 36% on year at 2.4 mln tn.The fall in oilmeal exports was mainly attributed to decline in export of soybean meal. Soymeal exports plunged to 372,740 tn during 2021-22 from 1.6 mln tn in the year-ago period. "Crushing of soybean is low as farmers are holding stock in anticipation of higher prices as seen by them in last year,". Lower crushing of soybean also led to higher imports of crude soybean oil. Mustard meal exports in 2021-22 fell 22.2% on year to 866,407 tn, and exports of castor meal were down 8.9% at 382,424 tn. · The government has pegged oilseed output in 2021-22 at 37.1 mln tn against 35.9 mln tn in the previous year. It has revised its view for soybean output in 2021-22 to 13.1 mln tn from 12.7 mln tn earlier. It has pegged mustard production at 11.5 mln tn against 10.2 mln tn pegged for last year. Groundnut output is seen at 9.9 mln tn against 10.2 mln tn in the previous year.

* The Solvent Extractors' Association urged the government to increase the duty difference between crude palm oil and refined palmolein or palm oil to 15.5% from 7.5% in order to support domestic refiners. · Soymeal exports in March slumped 81.9% on year to 50,000 tn, the Soybean Processors Association of India said in a release. During Oct-Mar, soymeal exports fell sharply to 472,000 tn com-pared with 1.6 mln tn for the same period a year ago. In March, soymeal production fell to 519,000 tn from 678,000 tn a year ago, while during Oct-Mar, output was at 3.2 mln tn, lower than nearly 5.0 mln tn during the same period a year ago. However, during Oct-Mar, arrivals declined to 6.1 mln tn from 7.5 mln tn during the same period last year. By the end of March, mills, traders, and farmers were left with around 6.75 mln tn of soybean stock.

* The government cut agriculture cess on crude palm oil and extended the lower customs duty on edible oils by six months till Sep 30 to cool domestic prices. The government cut Agriculture Infrastructure and Development Cess on crude palm oil to 5.0% from 7.5%. The Centre had in October slashed import duty on key edible oils till Mar 31. This has now been extended till Sep 30. The Centre has imposed stockholding limits on edible oils and oilseeds till Jun 30 in a bid to further reduce the prices of the commodities in domestic markets, a government release said.

RMSEED

* India's oilmeal exports fell 25% on year to 242,043 tn in March, according to data released by The Solvent Extractors' Association of India For 2021- 22 (Apr-Mar), exports of oilmeal were down 36% on year at 2.4 mln tn. The fall in oilmeal exports was mainly attributed to decline in export of soybean meal. Soymeal exports plunged to 372,740 tn during 2021-22 from 1.6 mln tn in the year-ago period. "Crushing of soybean is low as farmers are holding stock in anticipation of higher prices as seen by them in last year,". Lower crushing of soybean also led to higher imports of crude soybean oil. Mustard meal exports in 2021-22 fell 22.2% on year to 866,407 tn, and exports of castor meal were down 8.9% at 382,424 tn. · India's soymeal exports in May fell 13% on year to 40,000 tn, the Soybean Processors Association of India. For Oct-May, soymeal exports plunged to 550,000 tn from 1.79 mln tn in the year-ago period. In May, production of soymeal rose to 559,000 tn from 479,000 tn a year ago, while the output for Oct-May was at 4.23 mln tn, down from 5.99 mln tn in the year-ago period.

* According to trading sources, even with India estimating record mustard seed production in 2021-22, farmers are refraining from bringing their produce to the market in large quantities as they are waiting for prices to rise further.

* India's mustard production in the current crop year ending June is seen higher 21% on year at 10.0 mln tn due to a sharp increase in acreage, according to the median of estimates of a poll by Informist. In the poll comprising 11 respondents, mustard output estimates for 2021-22 are in a wide range of 8.5-14.0 mln tn.

* The year 2026 can be a watershed for self-reliance in edible oils provided the country can increase the area under the mustard and groundnut crops, president of Solvent Extractors' Association Atul Chaturvedi said at a webinar organised by the government. The area under mustard should be around 12 mln ha, and that of groundnut around 7 mln ha.

* Farmers have sown mustard across 9.16 mln ha in the country, up 25.3% on year, in the ongoing 2021-22 (Jul-Jun) rabi season according to the farm ministry's data. Acreage in Rajasthan, the largest producer of the oilseed, rose 37.5% from the same period last year to around 3.53 mln ha. Area under mustard in Gujarat rose 58.5% on year to around 340,400 ha. The government fixed the minimum support price of the crop at 5,050 rupees per 100 kg for the 2022-23 (Apr-Mar) marketing season, as against 4,650 rupees in the previous year.

* The Centre has imposed stockholding limits on edible oils and oilseeds till Jun 30 in a bid to further reduce the prices of the commodities in domestic markets, a government release said.

* The government will implement a comprehensive scheme to increase domestic production of oilseeds to reduce the country's dependence edible oil imports, according to the Union Budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha.

* The Solvent Extractors' Association has urged the Centre and the Securities and Exchange Board of India to resume futures trade in mustard seed on the National Commodity and Derivatives Exchange.

* The government has reduced the basic import duty on refined, bleached, and deodorised palm oil, to cool domestic prices, the finance ministry said in a notification. The new duty rates will be in place till Mar 31, the ministry said. The effective basic import duty on refined, bleached, and deodorised palm oil has been reduced to 12.5% from 17.5% earlier. With the new duty cut, the duty difference between crude palm oil, which is a raw material, and refined, bleached, and deodorised palm oil, which is the finished product, has reduced to 5.5% from 11.0% earlier.

* The Securities and Exchange Board of India asked exchanges not to launch new contracts of some farm commodities, including those of soybean and its derivatives, and crude palm oil. The restrictions come into effect immediately and shall be applicable for one year.

* The government aims to produce 17.40% more mustard crop on year at 12.24 mln tn in 2021-22 (Jul-Jun) rabi season by encouraging farmers to bring more area under the crop, according to Farm Ministry Joint Secretary.

* The government has banned the blending of mustard oil with multi-source edible vegetable oils and prohibited its sales from July 1, according to a notification by the Food Safety and Standards Authority of India.

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