September 17, 2012

 

Indian soymeal prices down 4.2% at US$618/tonne

 

 

Due to improved weather prospects for the country's soy crop, Indian soymeal prices dropped to US$618 a tonne, down 4.2% from late last month.

 

Trading executives told Dow Jones Newswires Friday (Sep 14) that feed millers and trading companies in East Asia have bought Indian soymeal at US$618 a tonne, free alongside ship (FAS), for shipment in December. Late last month, Indian soymeal traded around US$645/tonne, FAS, they said.

 

Earlier it was feared that at least 1.5 million tonnes of Indian soy would be lost due to deficient rains but a revival in monsoon rains has changed the scenario, an executive who didn't wish to be named, said.

 

Global trading companies are buying several parcels of Indian soymeal, between 6,000 tonnes and 12,000 tonnes each, for supplying to animal feed processors in Vietnam, Thailand, Japan, South Korea and Indonesia.

 

India is the largest soymeal exporter in Asia and its supply is more crucial for buyers this year due to a drought in the US and several parts of South America.

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