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ICEX Commodity Profile – Soy Oil
Soy oil is the oil extracted from whole soybeans. Crude soybean oil
undergoes further refinement- degumming, refining, bleaching, and
deodorizing and forms refined soy oil. Soybean oil is the leading
vegetable oil traded in the international markets, next only to palm
oil. It has big share in the total vegetable oil consumption. Soy oil
accounts nearly 75% out of total vegetable oil in-take in US. Soy oil is
cholesterol-free and high in polyunsaturated fat. Soy oil is light in
flavor and has almost no odor.
Economic Importance
- Soybean oil is basically used in cooking as edible oil.
- Soybean oil is used by the food industry in a variety of food products
including salad dressings, margarine, bread, mayonnaise, non-dairy
coffee creamers and snack foods.
- It is also used to produce inedible products such as paints, varnish,
resins, and plastics.
- Soy oil contains two types of fatty acids called omega-3 fatty acids and
omega-6 fatty acids. The omega-3 fatty acids in soy oil are similar to
the type of fat found in fish oil.
Global Scenario
Soybean oil accounts for 24% share of the vegetable oil traded in
international market. Major soy oil producing countries are U.S., China,
Argentina and Brazil accounting for 25%, 19%, 18% & 16% share
respectively of the world soy oil production in 2007-08. The major
exporters for soybean oil are Argentina (53% of the total world
exports), Brazil (22%) and United States (12%). Asian countries like
India, China, Pakistan, Bangladesh, South & Central American countries
(Peru, Venezuela, Bolivia, Dominican Republic) and Africa (Egypt,
Morocco) are considered as major buyers in world market.
Domestic Scenario
India is the sixth largest producer of soy oil in the world, accounting
for 4% of world production. India is the largest importer of edible oils
in the world. Of the total 5.9 million tons of vegetable oils imported
in 2007-08, 0.75 million tons is soy oil, imported mostly from
Argentina, followed by Brazil and US. In addition to imports, domestic
production of around 1.4 million tons takes the annual soybean oil
consumption of the country to 2.0-2.2 million tons.
In India, crushing of soybean for soy oil and meal starts from October
and it peaks during the subsequent two-three months. Spot markets of
Indore and Mumbai serve as the 'reference' market for soybean oil
prices. While the Indore price reflects the domestically crushed soybean
oil (refined and solvent extracted), Mumbai price indicates the imported
soy oil price. |
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