September 1, 2014
India's soymeal exports may hit ten-year low
India's soymeal exports are expected to drop to a ten-year low in the current financial year, as higher local prices make Indian supplies uncompetitive in the global market, the Economic Times reports.
Exports may remain below two million tonnes in the year through March 2015, compared with about 2.8 million tonnes in 2013-14, said Raju Choksi, vice president of agriculture commodities at Anil Nutrients. BV Mehta, executive director of the Solvent Extractors Association, said soymeal exports would definitely be lower this year, but his estimate is higher than that of Choksi. "According to our estimate, it will be about 2.5 million tonnes," he said.
Soymeal has a major share in India's total oilmeal exports, but for the past few years, that has declined. Soymeal exports fell 19% in 2013-14, more than the previous year's 10% drop.