February 27, 2008

Ruchi Soya Industries forecasts soymeal exports to rise 35 percent

Ruchi Soya Industries projects its soymeal exports to rise by nearly 35 percent this year on buoyant overseas demand, the firm said Tuesday.

Dinesh Shahra, managing director, said good exports, especially to China, should propel earnings sharply.

Most sales of Indian soymeal to China were finalised around US$410-US$415 a tonne free on board, which more than doubled the US$200 a tonne at the start of the previous soymeal export season ending October 2007.

Shahra said Ruchi's soymeal exports would grow to around 1.2 million tonnes in 2009 from less than 900,000 tonnes last year.

The company estimates to crush about 1.8 million tonnes of soy this year, against 1.4 million tonnes last year.

Ruchi Soya accounts for about 15 percent of Indian soymeal exports.

In 2007/08, India harvested a soy crop of about 9.5 million tonnes against the 7.5 million in the previous crop season.