August 7, 2014
India sees July soymeal exports increase 152% from June
India's soymeal exports rose by 152% to 6,635 tonnes in July from June's record low, as their premiums relative to South American grades shrank last month, according to the Solvent Extractors' Association of India (SEA).
However, overseas sales of soymeal were sharply lower compared with the same month a year ago, when India exported 107,038 tonnes to its traditional buyers in Southeast Asia.
Soymeal exports typically account for about two-thirds of India's annual oilmeal exports but its share of exports has come in lower than usual since May due to poor availability of soybeans. The poor availability of soybeans for crushing has also made Indian soymeal more expensive in recent months than supplies from other origins, traders said.
India's soybean output is estimated to have dropped 4.4% to 10.23 million tonnes in the 2013/14 year, as rains during the harvest damaged the crop yield.
In July, India's oilmeal exports fell 43.1% from a month ago to 115,094 tonnes, the trade body update showed. India's shipments of castormeal to South Korea and rice bran meal to Vietnam slumped last month, resulting in the fall.