Exports of Indian soya bean meal touches 6-7 lakh tonnes

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By Ashish Mitra --
Saturday, 09 Jan, 2021

Exports of Indian soya bean meal touched around 6-7 lakh tonnes until December 2020 and is likely to cross around 12-14 lakh tonne in the 2020-21 (October-September) season, senior industry officials claimed. DN Pathak, executive director of Soybean Processors Association of India (SOPA)said. He also said that that there had been a good demand for Indian soya bean meal.

Soybean meal export prices are attractive at around $520 per tonne and Rs 36,300 per tonne, industry officials said. Typically, price of the Indian soya meal variety is higher than the international ones, but this year India has an advantage in exporting more as the recent global rally in soybean prices has made Indian soya meal competitive. In November, India’s soya meal exports surged 144% on year to 200,000 tonne due to a revival in demand, led by opening up of economies across the globe, observed SOPA.

The United States Department of Agriculture (USDA) has reduced India’s crop estimate to 90 lakh tonne versus earlier estimate of 114 lakh tonne. Lowering of India’s soya bean production estimate by nearly 20% had added fuel to the bullish sentiments and a bullish year for soya bean is expected during the greater part of 2021, industry experts said.

Significantly, the US has turned out to be India’s biggest soya meal buyer. Soya meal exports to the US increased 19.5% in the first half of the current fiscal year to 1.31 lakh tonne against 1.10 lakh tonne during the year-ago period. Overall, oil meal exports to the US recorded highest growth among importing nations.

Among other countries, Taiwan and Vietnam registered 15.17 per cent and 14.26 per cent increase respectively in Indian oilmeal imports during the period.

Growth of Soya meal export was a minimal 0.11 per cent or 11,000 tonne in the first half of the fiscal year compared to 6 per cent growth in the overall oilmeal shipments.

Exports of Indian soya bean meal touches 6-7 lakh tonnes. Exports of Indian soya bean meal touched around 6-7 lakh tonnes until December 2020 and is likely to cross around 12-14 lakh tonne in the 2020-21 (October-September) season, senior industry officials claimed. DN Pathak, executive director of  Soybean Processors Association of India (SOPA)said. He also said that that there had been a good demand for Indian soya bean meal.

Soybean meal export prices are attractive at around $520 per tonne and Rs 36,300 per tonne, industry officials said. Typically, price of the Indian soya meal variety is higher than the international ones, but this year India has an advantage in exporting more as the recent global rally in soybean prices has made Indian soya meal competitive. In November, India’s soya meal exports surged 144% on year to 200,000 tonne due to a revival in demand, led by opening up of economies across the globe, observed SOPA.

The United States Department of Agriculture (USDA) has reduced India’s crop estimate to 90 lakh tonne versus earlier estimate of 114 lakh tonne. Lowering of India’s soya bean production estimate by nearly 20% had added fuel to the bullish sentiments and a bullish year for soya bean is expected during the greater part of 2021, industry experts said.

Significantly, the US has turned out to be India’s biggest soya meal buyer. Soya meal exports to the US increased 19.5% in the first half of the current fiscal year to 1.31 lakh tonne against 1.10 lakh tonne during the year-ago period. Overall, oil meal exports to the US recorded highest growth among importing nations.

Among other countries, Taiwan and Vietnam registered 15.17 per cent and 14.26 per cent increase respectively in Indian oilmeal imports during the period.

Growth of Soya meal export was a minimal 0.11  per cent or 11,000 tonne in the first half of the fiscal year compared to 6 per cent growth in the overall oilmeal shipments.