US soyabean exports earn record $40bn

Total soyabean exports from the USA – including beans, meal and oil – earned a record US$40.42bn in the 2021/22 marketing year, representing a 17% year-on-year increase, Feed&Grain reported on 5 December.

Export volumes reported by the US Soybean Export Council (USSEC) totalled 71.79M tonnes – the second highest on record, according to the United States Department of Agriculture (USDA)’s Economic Research Service and Foreign Agricultural Service.

Whole soyabean export volumes totalled 58.72M tonnes – 7.8% higher than the five-year average – with China, the European Union and Mexico the top three markets.

Soyabean meal export volumes at 12.69M tonnes were 1.6% higher than the five-year average with Colombia, Mexico and the Philippines as the top three destinations.

At 804,272 tonnes, soyabean oil exports were 22.7% lower than the five-year average with India, Mexico and South Korea the top three markets.

According to the US Soybean Export Council (USSEC), the USA is the world’s second largest soyabean producer and exporter, with soyabeans being its top food and agricultural export.

Global soyabean foods per capita consumption increased by 24% from 2.16kg in 2010 to 2.67kg in 2020, the council said.

Olam Group said the decision to target a primary listing for Olam Agri on the Singapore Exchange followed a review to maximise the group’s long-term shareholder value and also took into consideration global agri-business trends and rising food security concerns.

“We are exploring a dual-listing in Singapore and Saudi Arabia – which would be the first of its kind – to tap into our strong Singapore and global shareholder base whilst welcoming investors in the Middle East, a region we intend to grow further,”

Sunny Verghese, co-founder and Group CEO of Olam Group and CEO of Olam Agri, said.

On 23 December, the Saudi Agricultural and Livestock Investment Company (SALIC), a wholly owned subsidiary of the Public Investment Fund of the Kingdom of Saudi Arabia, completed its acquisition of a substantial minority stake in Olam Agri for US$1.24bn.

The transaction – first announced on 25 March last year – gave Olam Agri an equity valuation of US$3.5bn.

INDIA: The government has discontinued its tariff rate quota (TRQ) on soyabean oil and extended its lower duty policy for refined palm oil imports, according to the United States Department of Agriculture (USDA) Foreign Agricultural Network (FAS)’s Global Agricultural Information Network (GAIN) report on 23 January.

“Domestic soyabean oil prices have stabilised following a turbulent 2022 in which the government allowed concessional import duties on soyabean and sunflowerseed oils to curb high edible oil prices and rising inflation,” the report said.

From 1 April, a 5.5% import duty would be imposed on soyabean oil imports. However, the TRQ for 2M tonnes of sunflower oil at 0% duty in the October 2023-September 2024 year remained in effect. Lower duties for refined, bleached and deodorised (RBD) palm oil product imports would also remain at the reduced 12.5% basic customs duty.

INDIA: The Securities and Exchange Board of India has extended its ban on derivatives trading of chana, crude palm oil, moong, mustard seeds, rice (non-basmati), soyabeans and wheat until 20 December 2023, Hindu Business Line reported on 30 December. In place since 20 December 2021, the ban was introduced in a bid to control rising spot market prices.

GERMANY: Speciality chemical company Evonik said on 17 January that it had integrated its alkoxides portfolio into the company’s catalysts business, which would be managed as a separate product line.

The main application of alkoxides is the production of biodiesel from vegetable oils, used cooking oils or other fat-based waste.