India prices for soymeal exports climb

India's soymeal exports prices have climbed and are fetching a premium globally ahead of the new crop from rival South American producers Brazil and Argentina, a top industry official said late Sunday (Mar 22).

Prices of Indian soymeal exports are now ranging between US$420 and US$440 a tonne, Davish Jain, president of the Central Organisation for Oil Industry and Trade, told Dow Jones Newswires on the sidelines of an industry conference.

"The volume won't be too large, but it will be good money for the exporters," Jain said.

However, he said monthly soymeal export volumes are likely to drop by 50 percent starting in April to 175,000 tonnes from an average of 350,000 tonnes because fresh global supplies are expected from next month.