• Reuters reported that Indian traders have contracted to import a record 100,000 tonnes of soybean oil from the USA because of limited supplies from South America. India usually buys soyoil from Argentina and Brazil but lower soybean output from the two countries forced India to turn to the USA. An industry player said that India could import as much as 160,000 tonnes of soybean oil from the USA in 2021/2022F, up from 36,000 tonnes a year ago.

• S&P Global Platts said that Aemetis is planning to leverage its Indian operations to make biofuel feedstock not only for the country’s domestic use but also for the group’s California renewable fuel operations. Universal Biofuels, which is a subsidiary of Aemetis in Kakinada, India, will build a tallow oil refining facility to supply feedstock to its 50mil gallon per year biodiesel plant on India’s east coast. The new tallow refining facility will also “provide future feedstock supply to the Aemetis 90mil gallons sustainable aviation fuel and renewable diesel plant being built in Riverbank, California.

• Bloomberg reported that Belaruskali, a potash miner that accounts for a major chunk of global supply, has declared force majeure. Belaruskali said that it would not be able to meet its contracts. Shipments have been halted because of US and EU sanctions. The sanctions may result in shifting trade flows and some demand rationing, according to Nutrien Ltd’s interim CEO Ken Seitz, Customers, who have historically purchased from Belarus, are trying to secure supplies elsewhere.

• In a related development, Reuters quoted Uralkali as saying that it has no intention of buying potash assets in Belarus. Uralkali, which plans to launch three new potash mines in Russia by year 2030F, has had no meetings with Belarusian peers and any proposal from Belarus would not be considered. Apart from Belaruskali, Uralkali competes in the potash market with Canpotex, which is owned by Nutrien Ltd and Mosaic Co.

• theSun quoted Malaysia’s Plantation Industry and Commodities Minister Datuk Zuraida Kamaruddin as saying that her proposal to bring several palm oil agencies to work together was primarily aimed at saving time and taxpayers’ money. It would also help avoid any form of duplication and enhance efficiency. She was commenting on an earlier statement that the MPOB, MPOC and Malaysian Palm Oil Certification Council will be brought under one roof.

Source: AmInvest Research - 28 Feb 2022