September 7, 2010

India's August soymeal export reaches 38%

Indian soymeal exports have registered a strong growth of more than 38% in August following a slowdown during most of the current season, says the Soybean Processors Association of India (SOPA).

Total soymeal exports in the month under review stood at 1.7 lakh tonne. However, due to the sharp contraction in shipments seen in the early month of the season, cumulative figures continue to remain substantially down.

According to the SOPA, total export of soymeal over the October-August period stood at 2.05 million tonne against 3.04 million tonnes a year ago; thus, recording a negative growth of 32.4%. According to the last forecast available from the association, total exports from the country are expected to reach 2.3 million tonne in the current oil year ending September 2010, down nearly 30% from the previous season.

Indian soymeal in the last season stood at 3.21 million tonne. However, with growth being seen in last few months, the SOPA hopes that the industry would be on positive growth trajectory in next season.

According to the association, total land under cultivation of soy in the current (2009-10) season is expected to remain nearly flat at 9.67 million hectare compared with 9.64 million hectare of area under cultivations seen in the last season. Production however is expected to be down marginally.