March 26, 2012

India signs soymeal export contract of 100,000 tonnes to Iran

Deals to export around 100,000 tonnes of soymeal to Iran at US$430-435 a tonne FOB have been signed by Indian companies, a senior industry executive said Thursday (Mar 22).

"Shipments are expected to start from April," said Rajesh Agrawal, spokesman for the Soy Processors Association of India.

India and Iran recently resolved a problem with trade payments that resulted from US sanctions against Iran that targeted payments made in dollars.

India expects its soymeal exports to total 4.5 million tonnes in the marketing year ending September 30, up from 4.1 million tonnes the previous year. Most of its soymeal exports go to East Asia, particularly Japan and Vietnam.