Import of Veg Oil in July ’24 – Down by 16% and From Nov. ’23 – Aug.’24 – Down by 3%
FinTech BizNews Service
Mumbai, September 16, 2024: The 53rd Annual General Meeting & Annual Awards Function of the Solvent Extractors' Association of India (SEA) will be held on Wednesday, 18th September, 2024 at the Westin Hotel, Powai, Mumbai. Shri Pralhad Joshi, Minister of Consumer Affairs, Food & Public Distribution, Government of India, will be the Chief Guest and Sanjeev Chopra, IAS, Secretary (F&PD), Ministry of Consumer Affairs, the Guste of Honour. SEA has also extended invitation to Ministers, Ambassadors & Senior Officials from Indonesia, Malaysia, Thailand, Brazil and Argentina to grace Awards Ceremony as Guests of Honour/Special guests. SEA is expecting over 700/800 members and special invitees including Globoil delegates to participate in the Meeting and Awards Function..
Awards
SEA on this occasion will be presenting the Awards to the Highest Processors of Oilcakes/ Rice Bran / Minor Oilseeds, Highest Exporters of Oilmeals, Rice Bran Oil, Groundnut Oil & Coconut Oil and Shri B K Goenka Awards for Highest Producer of Refined Rice Bran Oil for the year 2023-24 by the hands of Chief Guest/ Guests of Honour. SEA will be presenting “Shri Somalal Vyas SEA Innovation Awards 2024” for Innovation work by Young Students; Research Schoolars working in Oil Extraction, Refinery and Processing Technology. Also in memory of Shri Govindbhai G. Patel, SEA will be presenting ”Shri Govindbhai Memorial Awards” for also Commodity Analyst /Trader, Media and Farmer/ FPO/Service at the Annual General Meeting.
To encourage processing of oilseeds & oilcakes as well as exports, the Association is every year presenting Awards to Highest Processors of oilcake/oilseeds and exporters of various commodities oilmeals/compound cattle feed/fats.
Meanwhile, The Solvent Extractors’ Association of India has released the import data for vegetable oils (both edible and non-edible) for August 2024. The import of edible oils in August 2024 reported at 1,563,329 tons compared to 1,866,123 tons in August 2023 consisting 1,536,229 tons of edible oils and 27,100 tons of non-edible oils i.e. down by 16%. The overall import of vegetable oils during the first ten months of the current oil year (November 2023 to August 2024) reported at 13,687,511 tons compared to 14,121,076 tons during the same period last year i.e. down by 3%.
The trade estimate for import of edible oils during Sept – Oct (2 months) is about 27 to 28 lakh tons. The total import for the Oil Year 2023-24 (Nov-Oct) likely to be in between 160 -165 lakh tons more or less same of the last year.
Last two months, soybean ex-mandi price was much below of MSP of Rs. 4892 by Rs.550 to 600 per quintal which created lot of unrest among the farmers and also the new crop just 4 to 5 weeks away which will bring additional pressure on price realisation to the farmers during the harvesting period. We compliment to Central Government for permitting Madhya Pradesh, Maharashtra and Karnataka to procured soybean at the fixed minimum support price (MSP) of Rs. 4892/- per quintal which will support to the price and in fact in last 2 to 3 days price moved to Rs. 4600/- to 4700/- per quintal.
The best solution would be increased in import duty on crude edible oils and refined oils by 20 to 25% across the board with a duty difference of minimum 15%. This will translate into remunerative price to the farmers for his produce and the market forces will able to pay above MSP price to the farmers and same time Government do not have to procured at MSP. It’s a win-win situation for the farmers, industry and the Government. SEA is continuously perusing the Central Government to raise the import duty with duty difference and hope same positive decision will be taken by the Government.
Domestic Stock as on 1st Sept.,2024 :
As of 1st Sept., 2024, the stock of edible oils at various ports is provisionally estimated at 1,041,000 tons, comprising 318,000 tons of CPO, 94,000 tons of RBD Palmolein, 228,000 tons of Degummed Soybean Oil, and 401,000 tons of Crude Sunflower Oil. Additionally, the pipeline stock, accounting for domestic production and consumption, is reported at 1,884,000 tons. The total stock as of 1st Sept., 2024 stands at 2,925,000 tons, an increase of 23,000 tons from the 2,902,000 tons reported on 1st August 2024.
