March 18, 2009
India soymeal exports to gain from poor crop of rivals
India's soymeal exports are likely to benefit from a poor soy crop in Brazil and Argentina, but slower purchases by customers due to the economic slowdown is likely to drag down any hopes of a rise in shipments from a year ago, traders said Wednesday (March 18).
"India will benefit (from the weaker crop in Brazil and Argentina), but overall demand has reduced from consuming centres," said B.V. Mehta, executive director of Solvent Extractors' Association of India.
He said the trend in exports of oilmeal has remained downwards over the past two months.
"It is very difficult to find a buyer. People are buying only if they are in a dire need," said a leading trader based out of Indore, the hub of India's edible oil and oilmeal trade.
