December 6, 2008

 

India's oilmeal exports rise 9.7 percent in November

India's oilmeal exports in November rose 9.7 percent to 648,187 tonnes from 590,825 tonnes a year earlier due to an increase in soymeal shipments following harvesting of the new domestic soy crop.

 

During November, the country shipped 622,307 tonnes of soymeal, up 29.6 percent from 480,025 tonnes during the year-earlier period, the Solvent Extractors' Association said Friday (Dec 5, 2008).

 

The November export figure is sharply higher than the month-ago figure of 88,723 tonnes, as most of the old soy crop had already been crushed.

 

India's new soy crop, harvesting of which commenced in October, is expected to be around 9.89 million tonnes, according to industry estimates.

 

By mid-October, the new soy crop was available for crushing, improving supplies of soymeal, said B.V. Mehta, executive director with the trade body.

 

He said demand from Japan continues to be strong because Indian soy are not genetically modified.

 

India's oilmeal exports during the April-November period jumped to 3.32 million tonnes from 2.31 million tonnes during the year-earlier period.

 

Mehta said exports in December are likely to be around the same levels as November.

 

Soymeal exports during the eight months of the financial year that began in April totalled 2.38 million tonnes, up from 1.42 million tonnes a year earlier.

 

Rapeseed meal exports during November fell sharply to 25,263 tonnes from 79,250 tonnes a year earlier. For the April-November period, however, exports were 23 percent higher at 660,232 tonnes, the trade data showed.

 

India's rapeseed crop is currently being sown and will be harvested in March.

 

According to the latest government estimates, around 5.8 million hectares were planted under rapeseed during the Oct 1-Nov 28 period, up from 5.3 million hectares a year earlier.

 

Vietnam continued to be the top importer of oilmeals from India, buying 874,455 tonnes during April-November, up 16 percent from a year earlier, while exports to South Korea jumped 31 percent during the same period to 521,640 tonnes.

 

According to the trade body, global soymeal prices declined by 40 percent to US$278/tonne during November compared with July prices, while rapeseed meal prices fell by 21 percent to US$195/tonne.