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The government has slashed import duty on crude palm oil - Geojit Financial
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Oilseed
· The SOPA said that the condition of the soybean crop for the 2021-22 (Jul-Jun) kharif season is 'normal' in over 42% of the area sown across the country. Farmers in the country have sown the oilseed across 11.6 mln ha across the country in the ongoing 2021- 22 (Jul-Jun) kharif season.
· Area under soybean in the 2021-22 (Jul-Jun) kharif season was up by 0.4% on year at around 12.2 mln ha as of till now, according to data released by the farm ministry.
· Soymeal exports in August declined 64.7% on year to 30,000 tn, according to a release from the Soybean Processors Association of India. Overseas shipment of soymeal fell because of tepid demand from traditional buyers. During Oct-Aug, soymeal exports were at 1.92 mln tn against 772,000 tn during same period last year. While soymeal production fell in August to 319,000 tn from 524,000 tn a year ago, it was higher at 7.3 mln tn during Oct-Aug as against 6.1 mln tn during the same period a year ago.
· The government allowed the import of 1.2 mln tn of genetically-modified soymeal till Oct 31 to augment supply in domestic markets to cool off domestic soybean prices along with to support poultry industry. · India's oilmeal exports plunged 27% on year to 191,188 tn in July, according to data released by the SEA. For Apr-Jul, overall exports of oilmeal were up 10% on year at 926,833 tn. The figures for Apr-Jul were up due to higher shipments to South Korea and Thailand.
· India's vegetable oil imports fell 35.4% on year to 980,624 tn in July, the Solvent Extractors' Association of India. During Nov-Jul, the country imported nearly 9.7 mln tn of vegetable oil, down 2% from the year-ago period.
· The government has slashed import duty on crude palm oil, refined, bleached and deodorised palm oil, palmolein, palm stearin and other palm oils with effect from Wednesday until Sep 30. Govt cuts import duty on crude palm oil to 10% and RBD palm oil & RBD palmolein to 37.5%. · The government has fixed the minimum support price of soybean for 2021-22 at 3,950 rupees per 100 kg, up from 3,880 rupees last year.
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