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November 20, 2008

 

Delayed orders seen to affect India's soymeal exports

 
 

India's soymeal exports may fall short of expectations as buyers delay purchases due to the credit crunch.

 

Indian shipments may total 5 million tonnes in the year from October 1, less than the 6 million tonnes expected by the industry in September, as importing countries struggle to secure credit.

 

India's soymeal exports fell 47 percent on-year last month to 88,723 tonnes, while oilseed meal shipments (including soymeal) declined 43 percent to 149,326 tonnes, according to the Solvent Extractors Association of India.

 

Demand has slowed in importing countries as no one wants to buy when they think prices of finished products may drop, said Rajesh Agrawal, spokesman for the Soybean Processors Association of India.

 

Indian soymeal are exported for about US$270 per tonne, down 48 percent from the start of October, said Agrawal.

 

"People are buying to fill immediate requirements and not for future needs,'' said Davish Jain, chairman of the Central Organisation for Oil Industry and Trade, "Prices are subdued.''

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