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Indian soymeal exports may fall on high domestic demand
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India's soymeal exports are likely to decline gradually over the next few years as the pace of growth in the domestic poultry sector increases, a senior industry analyst said Wednesday (June 16).
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India's animal feed consumption has almost doubled to 100,950 tonnes a day last year from 50,630 tonnes in 2004, Rabobank International Assistant Manager Oscar Tjakra said.
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According to industry estimates, India's soymeal exports declined by 50% to around 2.1 million tonnes in the financial year ended March 31 from 4.2 million tonnes the previous year.
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Traders expect a recovery in exports this year due to large carryover stocks of soybeans, but shipments may not retain the record levels of 2008-09.
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Although India is Asia's larger exporter of soymeal by volume, countries in the region will increasingly have to depend on the U.S. and South America for supply, Tjakra said.