October 8, 2012

India's oilmeal exports in September down 64% on-year

As higher Indian soy prices led to lower crushing, India's September oilmeal exports fell 64% on-year to 143,990 tonnes due to sluggish demand from major buyer, Iran.

Solvent Extractors' Association of India said on Friday (Oct 5) that soy prices were rising for the past few months in anticipation of a drop in production due to deficient rains. However, prices have started coming down as production is expected to rise due to late rains.

Oilmeal imports by Iran plunged to only 554 tonnes in September compared with 31,750 tonnes during the same period last year, the trade body said.

Total oilmeal exports during the April-September period declined to 1.6 million tonnes from 2.1 million tonnes a year earlier.