November 27, 2007

India's October soymeal exports down 30 percent

Indian soymeal exports in October dropped 30 percent to 170,000 tonnes last month compared with 244,000 tonnes in the year-ago period, the Indore-based Soy Processing Association of India (SOPA) said in a release.

The delay in commencement of soy processing in major areas of Madhya Pradesh and Maharashtra was the reason for the decline, according to exporters. The soy year runs from October to September.

A SOPA spokesman said processing plants have begun operations in the second half of October which resulted to lower exports.

Soymeal exports are, however, expected to rise in November at about 450,000 tonnes.

For October shipments, Vietnam imported 54,900 tonnes of soymeal from India, followed by Japan 44,200 tonnes; China 34,381 tonnes; Iran 12,645 tonnes; and Indonesia 12,635 tonnes.

India exported 352,600 tonnes soymeal last year and is expecting overseas sales of about 4.5 million tonnes in the 2007/08 season due to bumper output of soy. The export to China alone is estimated at about 400,000 tonnes.

The soymeal output is estimated at 6.7 to 6.8 million tonnes in the current season, of which 2 to 2.2 million tonnes would be consumed by the domestic poultry industry, while the remainder would be exported.