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October 25, 2011

 

India's soymeal exports show increase

 
 

In the first three months of this marketing year, India's soymeal exports are likely to reach 1.5-1.6 million tonnes, higher than a year earlier, industry executives said Monday (Oct 24).

 

The country exported 1.47 million tonnes of soymeal during the same period of the last marketing year ended September 30, according to the Soybean Processors Association of India.

 

In November and December, India is likely to export more than one million tonnes of soymeal, said Atul Chaturvedi, chief executive of Adani Wilmer Ltd.

 

So far, Indian exporters have signed contracts to export 500,000-550,000 tonnes of soymeal at a price range of US$340-400 a tonne, trade executives said.

 

The country, one of the top exporters of soymeal, is expected to ship about five million tonnes of soymeal in 2011-12, up from 4.1 million tonnes last year.

 

Most of the exports are to Southeast Asian countries.

 

Japan and Vietnam are two of the biggest importers, but soymeal purchases by Vietnam may fall by 100,000-200,000 tonnes in 2011-12 from the year earlier period's 882,500 tonnes because of higher crushing capacity there, said Rajesh Agrawal, the association's spokesman.

 

But exports are likely to be higher to Japan and China due to strong demand from those countries, he said, without giving any estimates. Japan and China bought 1.3 million tonnes and 203,410 tonnes, respectively, of soymeal from India in 2010-11.

 

India's soy production in the marketing year that started October 1 is likely to increase about 15% to 11.65 million tonnes.

 

Soy, India's biggest oilseed crop, accounts for more than 60% of the country's total summer-sown oilseed production.

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