November 7, 2011

India's oilmeal exports slid 29% in October, its first fall in a year, due largely to lower domestic soy supplies and a temporary fall in demand from its traditional buyers in Southeast Asia.

Oilmeal sale from India, Asia's top supplier of the animal feedstocks, was at 353,300 tonnes in October as against 498,159 tonnes a year earlier, the Solvent Extractors' Association of India said Friday (Nov 4).

Exports to Japan, Vietnam, South Korea, Singapore and Indonesia fell in October, as they had built up stocks from Latin America, the trade body said.

But cumulative overseas sales since April, the beginning of the new marketing year, were at 2.4 million tonnes, up from 1.9 million tonnes in the year-ago period.

Japan, South Korea and Vietnam were the top three buyers for the April-October period. Exports to Iran rose sharply to 175,962 tonnes from 24,612 tonnes last year as the two countries explore ways to settle their trade, dominated by Iranian oil.

Soymeal exports, which account for a bulk of India's oilmeal sales, were at 223,594 tonne in October, down 43.5% from a year ago on lower domestic soy stocks.

"Delayed soy harvest in some areas led to lower soymeal supply last month, but the situation is likely to improve from November as harvesting season picks up," said Rajesh Agrawal, chief coordinator at Soy Processors Association of India, the central city Indore-based trade body.

Cumulative exports of soymeal between April and October jumped to 1.3 million tonnes over 1.2 million tonnes in the year-ago period.