August 1, 2012

In order to increase feed availability in the country and rein in rising feed prices, India's farm ministry has proposed a 10% tax on soymeal exports, while removing import tax on oilmeals, which is currently set at 15%.

A ministerial panel scheduled to meet later in the day will consider the proposals, one of the officials, who didn't want to be named, said. The export tax has been proposed for a period of six months, he added.

Poultry feed prices have been rising sharply over the past few months as deficient rainfall has heightened concerns over summer crop production.

India exported about 637,407 tonnes of soymeal during the April-June period, up 6% from a year earlier, according to the Solvent Extractors' Association of India.