India’s Vegetable Oil Output to Rise 12 Percent, Oil World Says.

India’s production of vegetable oils will rise 12 percent in the marketing year that started Oct. 1 as consumption increases, Oil World said.

Output will climb to 9.8 million metric tons of 17 oils and fats including soybeans and rapeseed, and crushings will jump 18 percent to a record 28.7 million tons, the Hamburg-based oilseeds price forecaster and researcher said in a report today. Rapeseed, or canola, seedings will rise 10 percent to a five- year high of 7.1 million hectares (17.5 million acres), it said.

India’s imports of soy, sunflower and palm oil will fall 3.9 percent to 8.8 million tons, and consumption of oils and fats may grow by 700,000 tons this year even as prices climb, Oil World said. Soybean futures have climbed 48 percent in the past year and rapeseed is up 65 percent.

Soybean meal exports from October through this month may have nearly doubled from the same period a year earlier to 2.2 million tons, Oil World said. Meal exports probably will total 4.4 million tons in the 2010-11 marketing year, up from 2.7 million tons a year earlier, it said.

The European Union imported 2.35 million tons of soybean meal in November, the company said. From September through November, arrivals in the region were 6.6 million tons, up 25 percent from a year earlier, because of increased demand, it said. Its imports from the U.S., Argentina, Brazil and India slowed to 1.7 million tons in November, indicating reduced arrivals early this year, Oil World said.

Source : bloomberg.com