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Highlights

* India's oilmeal exports jumped 81.6% on year to 321,435 tn in March, according to data released by SEA. For 2020-21 (AprMar), overall exports of oilmeal recovered and provisionally came in at nearly 3.68 mln tn, up 51.2% from the previous year. Soymeal exports were at 146,379 tn in March, against 32,818 tn a year ago. For Apr-Mar, soymeal exports were at 1.56 mln tn compared with 692,883 tn a year ago.

* India's vegetable oil imports rose 32% on year to nearly 1.1 mln tn in April, The Solvent Extractors' Association of India. During Nov-Apr, the country imported nearly 6.4 mln tn of vegetable oil, up 1.7% from the year-ago period.

* The US Department of Agriculture has projected global oilseed output for 2021-22 (May-Apr) to rise 5.4% to 632.2 mln tn from 599.6 mln tn recorded last year. The agency attributed the 5.4% increase to robust soybean crop in Brazil and Argentina. The agency has projected world soybean output to rise by 22.6 mln tn to 385.5 mln tn. Brazil's soybean crop is estimated at a record 144 mln tn while Argentina's crop is seen 5 mln tn higher at 52 mln tn. Global output of high-oil content seeds like sunflower seed and rapeseed is projected 6% higher from 2020-21 on a recovery of sunflower seed production for Ukraine, Russia, and the EU and increased canola for Canada. Global oilseed supplies for 2021- 22 are projected to rise 3% on year to 732.4 mln tn, with higher prices incentivising the expansion of oilseed area and a bigger sunflower seed crop. The agency expects soybean output in the US to come in at 119.9 mln tn for 2021-22 against 112.6 mln tn a year ago. With lower soybean supplies and higher crush, the US export share of global soybean trade is expected to decline to 33% from 36% in 2020-21. Global vegetable oil ending stocks are projected at 22.4 mln tn, down 3% from 2020-21 and the lowest in 11 years, it said.

* India's soymeal exports jumped nearly three-fold on year to 100,000 tn in April, according to SOPA. In the same month a year ago, exports were at 35,000 tn. Overseas shipments of the oilmeal rose significantly due to strong demand from France, and Germany. During Oct-Apr, exports jumped to 1.7 mln tn from 458,000 tn a year ago, according to SOPA

Soybean

* The June active futures prices in NCDEX fell in the last week after hitting all time high on reports of firm export demand for soymeal from exporters. India's soymeal exports jumped nearly three-fold on year to 100,000 tn in April, according to SOPA. Moreover, shortage of soybean supply in the spot markets also supported the gains. However, weakness in international soybean prices also weighed on prices. Back home, most of the mandis were closed due to spreading of COVID-19 various across the states.

* The U.S CBOT soybean prices fell on back of report of rise in global oilseed output during this marketing year. The USDA has projected global oilseed output for 2021-22 (May-Apr) to rise 5.4% to 632.2 mln tn from 599.6 mln tn recorded last year. USDA projected a slight rise in soybean supplies into next year, but the situation remains very tight.

* IHS Markit on last Friday pegged U.S. soybean acres at 88.5 million, up from USDA’s 87.6 million.

* However, money managers has increased their net long in soybean futures and options during that period by just over 3,000 to 177,822 contracts.

Highlights:

* Crushing of mustard seed by oil millers jumped 84.6% on year to 1.2 mln tn in April, according to Marudhar Trading Agency. Mills had crushed 650,000 tn of the oilseed during the same period last year. Arrivals were at 1.4 mln tn in April, up 43% from a year ago. As of February, the carryover stock was at 100,000 tn. As of Apr 30, farmers, processors, stockists and state-run agencies had a stock of around 5.7 mln tn, lower than 6.7 mln tn from a year ago.

* 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 would try to bring 7.58 mln ha area under mustard in 2021-22 rabi season by motivating farmers to shift to the oilseed crop in 13 states including Rajasthan, Haryana, Madhya Pradesh, Uttar Pradesh and others.

* India's 2020-21 (Jul-Jun) mustard output is seen rising to 22.6% on year to 8.95 mln tn, according to a joint survey by the Central Organisation for Oil Industry and Trade and the Mustard Oil Producers' Association. Government estimated that mustard output during 2020-21 at 10.4 mln tn, against 9.1 mln tn a year ago. India's 2020-21 (Jul-Jun) mustard acreage was up by 6.7% on year at 7.3 mln ha as of 18th Jan., according to farm ministry data.

* India's oilmeal exports jumped 81.6% on year to 321,435 tn in March, according to data released by SEA. For FY21, mustard meal exports were at 1. 1 mln tn compared with 961,312 tn a year ago

* The Rajasthan government started procurement of mustard from farmers at the minimum support price from Apr 1.

* India's vegetable oil imports rose to around 980,243 tn in March, the Solvent Extractors' Association of India said. During Nov-March, the country imported 5.375 mln tn of vegetable oil.

* India is likely to produce around 10 mln tn of mustard in 2020-21 (JulJun), up 35% from a year ago due to higher acreage and favourable weather conditions, according to the Solvent Extractors' Association of India. India's mustard output in the current crop year is likely to rise 15% to a record high of 8.4 mln tn, as per the median of estimates of 14 market participants, primarily due to higher yield and favourable weather conditions.

* The government has fixed the minimum support price at 4,650 rupees per 100 kg for 2020-21 (Apr-Mar) marketing season against 4,425 rupees per 100 kg the previous year.

Mustard Seed

* The June Mustard seed futures prices traded higher early in the last week on back of strong demand in the physical markets and later it closed the last week marginally higher as traders refrained to buy at higher levels. Rise in demand for mustard meal in the domestic markets due to higher crushing activities is likely to support prices in the near term. However, major gains is limited due to expectation of higher mustard output and expectation of rise in kharif acreage.

* India's 2020-21 (Jul-Jun) mustard acreage was up by 6.7% on year at 7.3 mln ha as of 18th Jan., according to farm ministry data. The government has targeted an all-time high crop of 12.5 mln tn for this rabi season. India is likely to grow a record 10 mln tn mustard crop in 2020-21 (Jul-Jun), according to Solvent Extractors' Association of India.

* The Indian Council of Agricultural Research - Directorate of Rapeseed-Mustard Research believes that mustard production this year could be between 9.4 mln tn and 12.5 mln tn.

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