The Hindu Business Line : Vegoil imports slow down

The 3.2 lakh tonnes (lt) imported last month comprised mainly 1.69 lt of soyabean oil; 1.06 lt of crude palm oil; 22,200 tonnes of crude palmolein and 16,000 tonnes of refined palmolein, according to data compiled by Solvent Extractors' Association of India. In November 2003, oil imports totalled 3.12 lt.

Because of indigenous supplies, the pressure of imports is expected to be somewhat restrained during December and January, traders said. Record world production of vegetable oil including palm oil is expected to rein in prices over the next 6-8 weeks.

Under normal circumstances, the market may turn after January. At that time, soyabean supplies from South America would still be several weeks away, but much of the harvested crop in the northern hemisphere would have been marketed. Palm oil would also be in its non-peak production period.

However, any weather concern in Brazil or Argentina can cause the market change gears soon. Impact of Asian rust problem needs to be watched closely.

India's edible oil import requirement is projected at 50 lt for 2004-05.

Demand is expected to expand, driven by higher incomes and economic growth prospects.

Rabi oilseeds crop, mainly rapeseed/mustard, prospects are satisfactory; but reports of a bumper crop have to be suitably discounted.

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