India's soymeal exports to reach 2 million tonnes in 2016-17
The Dollar Business Bureau
India's soymeal exports are set to reach almost 2 million tonnes in the year in the oil year 2016-17, the most in two years, as higher domestic output is expected to boost supplies and reduce prices.
Last year India's soybean production grew to 11.5 million tonnes from seven million tonnes a year ago.
This year the soymeal production registered the biggest annual rise in over a decade. The domestic output in 2015 was affected by drought situation due to the El Nino weather pattern.
"Soymeal exports are doing very well, especially to Europe and Japan," said Atul Chaturvedi, president of the Solvent Extractors Association of India (SEAI).
"We will see strong growth this year," said the country's prime vegetable oil trade association.
India shipped 250,775 tonnes of soybean meal in 2015-16 oil year, November 2015- October 2016, according to SEAI data.
Soybean prices in India have fallen about 30% to $387.60 (Rs.25,875) a tonne as of March 3. Last year, the price was at its peak at Rs.37,350 rupees a tonne, the modest since 2012.
Soybeans are used to make soyoil, used as a cooking oil and soymeal, a protein-rich animal feed ingredient and soyoil.
Overall exports of oilmeal include rapeseed meal and ground nut meal which are likely to reach between 2.3 million and 2.8 million tonnes in 2016-17 (Nov-Oct), said B.V. Mehta, SEAI's executive director.
Last year India’s outbound shipments of oil meal stood at 1.25 million tonnes.
“The export of oilmeals during February 2017 has more than doubled and reported at 263,509 tonnes compared to 122,527 tonnes in January 2016 i.e. up by 115%. The overall export of oilmeals during April 2016 to February 2017 is reported at 1,673,036 tonnes compared to 1,422,993 tons during the same period of last year i.e. up by 18%,” SEA said in a statement.