September 22, 2006

India sells over 600,000 tonnes of soymeal

Indian exporters have sold 600,000-700,000 tonnes of soymeal to Southeast Asian buyers for delivery between October and December, a senior industry official said Friday (Sep 22).

The sales were made at prices ranging from US$225-US$235 a tonne, cost and freight basis, said Rajesh Agrawal, chairman of the Soybean Processors' Association of India.

Agrawal said around 250,000 tonnes have been sold to buyers in Vietnam and at least 50,000 tonnes to buyers in Japan.

He said India's overall soymeal exports are expected to decline in the 2006-07 marketing year that starts October to 3.5 million tonnes from 4.0 million tonnes estimated for the current marketing year.

The decline would mainly be a result of lower carry-over stocks from this marketing year and stronger domestic demand next marketing year, Agrawal said.