Global export of soybean oil in May lost 13%

Experts at Oil World recorded a decline in global exports of soybean oil in May 2018 to 670 thou. tons, which is 13% lower than the previous month (767 thou. tons) and 15% lower than in May 2017 (787 thou. tons), APK-Inform reports.

Since the start of MY2017/18 (October-May), the export volume of soybean oil is estimated at 4.7 million tons, which is the minimum indicator for the last 3 years.

Experts note a significant reduction in imports over 8 months of MY2017/18 to the following countries:

• India — to 1.9 million tons (13% less than the corresponding indicator of MY2016/17);
• Bangladesh — 533 thou. tons (-11.5%);
• Iran — 93 thou. tons (-47%);
• Mexico — 116 thou. tons (-44.5%);
• China — 96 thou. tons (-73%).

The main decrease in May exports was observed from Argentina — 300 thou. tons, which is 32% below the indicator of the previous month (439 thou. tons) and 44% lower than in May 2017 (536 thou. tons).

Since the beginning of the current season, the decrease in exports of soybean oil from the US to 762 thou. tons was also recorded, as compared with 862 thou. tons in MY2016/17. At the same time, in May of this year, shipping of American oil has increased to 175 thou. tons, which is the maximum monthly indicator for the last 7 years.

The key importers of the US produce in this period are South Korea (51 thou. tons), Peru (41 thou. tons), Venezuela (25 thou. tons), Guatemala (16 thou. tons), the Dominican Republic (14 thou. tons) and Colombia (13 thou. tons).

Reference: since the start of MY2017/18 (September-April), production of soybean oil has reached 138.6 thou. tons, having increased by 27% as compared with last year's indicator and become the maximum for this period.