August 16th 2023
India vegoil imports
National Holidays: Monday August 21st, 2023
Grains and Markets:
South Korea (FLC) has confirmed the purchase of 66,000 tons of soya bean meal from ECSA, first half December 2023.
The first round of national elections were held Sunday 13th. As often happens all forecasts were wrong. The election is a simultaneous primary election which works as a reliable opinion poll as well as defining candidates for all parties. The Governing party managed to get 27 per cent of the votes placing them in unchallenged third place. The formal opposition (Juntos x Cambio) got 28 per cent combo of their two candidates. The “dark horse” (LLA) Javier Milei got the most votes with 30 per cent, to everyone’s surprise. Milei is a colorful candidate who wishes to dismantle the Government superfluous institutions and bring it down to basic functions, as well as to close all money losing state companies. The “establishment” were telling everyone they were concerned that he might come in a comfy third. He was the most voted candidate. The next round in this process is October 22nd with what appears will be the first round. If no candidate wins a clear majority a run-off will be held on November 19th. New Government takes office on December 10th. These are going to be interesting times.
Maize “bonus” exchange rate season:
As a result of the elections, and in line with IMF requirements for further funding, the Government devalued the peso/dollar exchange rate. This places the official exchange rate at Pesos 365.00 to 1.00 USD. The “bonus” exchange rate for maize was Pesos 340.00 per 1.00 USD. This effectively puts an end to the “encouragement” for farmers to sell their maize and get more Pesos.
India vegoil imports:
India is increasing imports of vegoil significantly. At the present rate they will replace China as the principal importer of vegoils in the world market.
As can be seen in the statistics below, published by The Solvent Extractors’ Association of India, the volume of imports is increasing steadily.
Soya and sunflower seed oil imports are originated mainly from ECSA and Russia.
Once (weather permitting) Argentina resumes her soya oil production a significant proportion will be headed that way.
STS Bunker at zona comun for next days:
As always, the STS operation is up to the discretion of the Master’s of the vessels involved.
Will keep you posted.
Antares Servicios Maritimos S.A.
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