Iran is likely to import over 100.000 tons of soy-oil from Argentina in October-December 2012 as Iran's purchasing of soy beans, soy-oil and soy-meal is recovering from the impact of sanctions, Hamburg-based oilseeds analysts Oil World said on Tuesday.
”Imports of soy-oil will again be very high in October-December 2012 and may reach at least 110.000-120.000 tons, more than double the 41.000 tons a year earlier, of which 100.000-110.000 tons (will come) from Argentina, Oil World said.
Food is not targeted under Western sanctions aimed at deterring Iran's controversial nuclear program, but in recent months Iranian commodity imports have been disrupted by a freeze on financial transactions, which are part of sanctions.
Iran has also been making heavy wheat purchases recently.
A sharp decline in Iranian imports of oilseeds, vegetable oils and oil-meals took place in 2011 because of sanctions and in the first half of 2012 as these were further tightened, Oil World said.
But a sharp increase in Iranian imports of oilseeds and products occurred in July/September 2012, it said. Soy-bean imports almost doubled to close to 140.000 tons in that period”.
Iran imported 202.000 tons of soy-oil in July-September 2012, up from 83.000 tons in July/September 2011, Oil World said. Argentina exported 129.000 tons of soy-oil to Iran in July/September 2012, up from 67.000 tons in the same time in 2011. Brazil exported 58.000 tons in July/September 2012, up from only 4.000 tons in the same year-ago period.
Iran's July/September 2012 soy-meal imports also jumped to 1.03 million tons from 565.000 tons in July/September 2011, Oil World said.
Argentina exported 408.000 tonnes of soy-meal to Iran in July/September 2012, Brazil 320.000 tons and India 300.000 tons.