September 4, 2007

Contracts strengthen India's hopes of record soy exports this year

India has already entered into advance contracts for the export of 400,000-500,000 tonnes of soymeal from the new crop due to arrive in the markets around October, boosting hopes that it would achieve record soymeal exports this year, a senior industry official said.

The contracts were at prices ranging between US$280-$290 a tonne, free-alongside ship, and are for November and December delivery, the official said.

These were about US$80 more than last year's average soymeal export price, the official added.

India exported around 4.1 million tonnes of soymeal in the year ended March 2007, up 17 percent on-year.

The Soy Processor Association of India thinks India could break that record next year.

Soymeal exports already hit 500,000 tonnes in the first four months of the current financial year.