Agri Picks Report December 16, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India's vegetable oil imports in November, the first month of the oil year 2024-25 (Nov-Oct), were 1.63 million tonnes, up 40% from the corresponding period last year, the Solvent Extractors' Association of India said Thursday. India is the world's largest importer of edible oils. The edible oil basket comprises crude and refined palm oils, crude soyoil, and sunflower oil. Crude palm oil imports fell nearly 21% on year to 547,309 tonnes in November, while refined, bleached and deodorised palmolein imports surged by 66% to 284,537 tonnes. Crude sunflower oil imports rose to 340,660 tonnes in November from 128,707 tonnes a year ago, the association said. Similarly, imports of crude soyoil were up 172% on year at 407,648 tonnes in November. In the oil year 2023-24, India imported palm oil and refined, bleached and deodorised palmolein from Indonesia and Malaysia, soyoil from Argentina and Brazil, and sunflower oil from Russia, Romania, Ukraine, and Argentina. The Solvent Extractors' Association of India said the total stock of edible oil available as on Dec. 1 was estimated at 2.57 million tonnes, against 2.96 million tonnes a year ago. Of the total, about 998,000 tonnes of edible oil was at ports and 1.57 million tonnes in the pipeline, the association said. Unusually strong price competitiveness of Argentina's soyoil had resulted in imports into India booming since October. Excess imports of soybean are putting pressure on domestic prices, which are currently around INR 4,250-4,300 per 100 kg against the minimum support price of INR 4,892 per 100 kg. This is complicating the situation for Indian soybean processors who already suffer from poor competitiveness of their soymeal in the world market, the association said.

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16122024 - co