The Hindu Business Line : June vegoil imports in downward mode

According to initial data made available to Business Line by the industry portal, Oilmandi.com, last month saw 3.5 lakh tonnes (l.t.) of various oils flow into the country, down from 5.5 l.t. in each of the previous two months.

Imports comprised mainly 1.34 l.t. of soyabean oil (of which refined soyaoil was 5,000 tonnes) and crude palm oil 1.95 l.t.

Others included a small parcel of crude palmolein (8,500 tonnes), refined palmolein (8,000 tonnes) and the rest crude palm kernel oil.

With this, imports during the first eight months of the current oil year 2004-05 aggregated 30.8 l.t., over 25 per cent higher than 24.0 l.t. imported during the corresponding previous period (November 2003 to June 2004).

The next four months are crucial from the point of view of both indigenous oilseeds production and consumption demand.

Edible oil consumption usually rises manifold during August-October months because of a series of festivals.

Arrivals over the next four months are expected to be not less than 20 l.t., taking the annual total to over 50 l.t. versus 44 l.t. of 2003-04.

Globally, the vegetable oil market is groping for direction.

With weather improving in the US Midwest after some dryness, prices are beginning to soften.

Huge production increases of palm oil in Malaysia and burdensome stocks too help rein in prices. Fresh leads are awaited.

Serious concerns over kharif oilseeds planting and crop size following delay in onset of the South-West monsoon have considerably diminished in recent days thanks to progress of rains to the northern parts of the country.

However, parts of Andhra Pradesh and Madhya Pradesh - two States important for groundnut and soyabean respectively - have so far received insufficient precipitation.

On the bright side, the Saurashtra region of Gujarat - the country's groundnut bowl - has had satisfactory rains.

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