January 7, 2015
India's soymeal exports down 59% in December
India's soymeal exports slumped by 59% to 194,012 tonnes in December 2014 from 470,799 tonnes in the same month the year before.
The Soybean Processors' Association of India (SOPA) attributed the big drop to "uncompetitive price" in the export market.
Soymeal prices have plunged 25-35% in the past several months due to bumper global outputs. In August, Brazilian soymeal for delivery in November was being quoted at US$417.80 a tonne, versus $545.75 in early September.
From April to December last year, soymeal exports totaled 431,368 tonnes, down by 79% from 2,060,704 tonnes in the previous period.
"Indian soymeal continues to be outpriced vis-a-vis competing countries because of much higher global soybean production in 2014 and lack of sufficient incentives to offset the higher transaction cost in India," SOPA chairman Davish Jain said.
India's main soymeal importers last year were Iran, France, Indonesia and Belgium.