November 10, 2008
India Feed Weekly: Indian soymeal exports soar by 88 percent in 2008-09 (Week ended November 6, 2008)
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Soymeal rates this week were around Rs. 13,500 to Rs. 13,650 per tonne in Kota market and traded at Delhi spot market on Thursday (November 6) around Rs. 15,300 to Rs. 15,400.
Corn from Uttar Pradesh was traded at Rs. 8,200 to Rs. 8,300 per tonne and remains stagnant in Delhi markets.
Similarly, corn from Rajasthan was traded between Rs. 8,800 to Rs. 9,000 per tonne and remains stable in Delhi market as compared to last week's price.
Prices of Pearl Millet in Delhi were stable at Rs. 7,200 to Rs. 7,400 per tonne respectively.
In Delhi, prices of Ground Nut Extraction (GNE) 40 % and 45 % which were stable for the last fortnight and traded at Rs. 13,000 and Rs. 14,000 per tonne respectively.
Price of Dry Fodder this week reached Rs. 3,500 per tonne due to scarcity in Green Fodder. Dry Fodder prices also increased. Availability of quantity in Delhi was about 615.2 tonne in the week and a little upward trend was seen in price comparison at an average of Rs. 3,500 per tonne.
However, Green Fodder around 135.00 tonnes was also available at a price of Rs. 15,300 per tonne, an upward of INR 200 per ton as compared to last week's price.
India's soymeal exports on April to October 2008 totalled 1,756,479 tonnes as compared to 933,800 tonnes last year, registering an 88-percent growth.
Korea, Singapore, Philippines, Malaysia, Thailand, Japan, Indonesia and Vietnam were the major destinations for Indian soymeal exports. India's export to Korea increased by 2898 percent when compared with export during the same period last year. The export to Singapore increased by 543 percent, Philippines by 461 percent, Malaysia by 297 percent, Thailand by 162 percent, Japan by 84 percent, Indonesia by 47 percent and Vietnam by 14 percent compared with export during the same period last year.
Oil meal exports plunge on low global prices
"October oil meal exports fell nearly 43 percent to 149, 326 tonnes from the same month a year ago as global prices eased and domestic stocks plummeted," a leading trade body, Solvent Exporter's Association of India (SEA), said in a statement.
Exports between April and October were 2.66 million tonnees against 1.71 million tonnees during the same period a year ago.
"Global prices have fallen to US$275 a tonne now from US$480 in August and heavy exports from April depleted our stocks, leading to a drop in exports last month," Mr. B.V. Mehta, executive director of SEA said.
Exports will pick up from next month when there will be good supplies of soy, he added.
Farmers who planted oilseeds such as soy and groundnut during the monsoon months of June and July, began harvesting the crops from last month.
The SEA said that the top three buyers of oil meal were Vietnam, South Korea and Japan, where the demand for animal feed has been rising due to increasing sales of poultry products.
Increasing fresh arrivals of soy and higher output may further pressurize the prices.
GNE 40% & 45% prices will come down this week due to extraction of new crop in the plants. If oilseeds in the market fetch more prices, then prices of GNE would remain stable.
Guar seed prices are steady to mildly firm at most of the centers in absence of fresh arrivals.
The scarcity of Green Fodder may result to a hike in prices of both commodities (Dry & Green).
US$1 = Rs. 47.410 (Nov 10, 2008)
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