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Commodity Profile – Soy Oil
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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.
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Economic Importance
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Soybean oil is basically used in cooking as edible oil.
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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.
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It is also used to produce inedible products such as paints, varnish, resins,
and plastics.
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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.
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Global Scenario
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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.
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Domestic Scenario
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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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