India's soymeal exports to remain weak in 2010

 

 

India's soymeal exports in the marketing year starting Oct. 1 may remain weak as improved output in other key producing countries increase supplies, a senior official with Ruchi Soya Industries Ltd. (500368.BY) said Tuesday (September 15).

 

"A good harvest in Brazil and Argentina is likely to hurt demand for Indian soymeal next year," Vishal Sharma, manager of the company's international business told reporters. He didn't provide any numbers.

 

India's soymeal exports during the October-August period have fallen 37 percent from a year earlier to 3.04 million tonnes, according to the Soy Processors Association of India.

 

India's soy output next year is likely to be better than this year due to late rains in major growing areas, Sharma said.

 

The country last year produced 9.90 million tonnes of soy, according to latest government estimates.

 

Analysts expect India's soy crop next year to be around 10 million tonnes.