June 10, 2010

 

India soymeal exports set to increase on improved markets

 

 

India is expected to export about a million tonnes of soymeal between June and September, as soy arrivals in the markets have picked up, an expert has said.

 

For the first seven months of the 2009-10 oil year, (October-September) soymeal exports stood at 1.6 million tonnes, down 41% compared to the corresponding period previous year.

 

"Now there is sufficient bean in the market as arrivals have picked up. If this continues, then perhaps we will be able to ship 8-10 lakh tonnes of soymeal from June-September in the best situation," Soy Processor Association of India (SOPA) Spokesperson and Coordinator Rajesh Agarwal said.

 

An increase in arrivals is likely to lower prices of soy and make it viable for processing units to produce soymeal, Agarwal said while adding that this will make the Indian meals' prices competitive like those of Brazil and Argentina.

 

Meanwhile, India's soy futures opened the week on a negative note extending its previous week-end's weakness on extended selling pressure backed by weak fundamental factors and tracking weak global market.

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