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Soymeal exports in March seen up sixfold at 200,000 tn, says SEA

Informist, Wednesday, Mar 24, 2021

 

By Kaushal Verma

 

NEW DELHI – Soymeal exports in March are expected to jump sixfold on year to nearly 200,000 tn due to firm demand from traditional buyers, The Solvent Extractors' Association of India Executive President B.V. Mehta said today.

 

India exported 32,818 tn of the oilmeal in March last year. 

 

"Exports of soymeal would be higher in March. Its demand is growing from Iran," Mehta said. 


Iran is one of the leading buyers of Indian soymeal. France, Germany, Belgium and southeast Asian countries are other prominent importers. 

 

Overall exports of the oilmeal during Apr-Mar are estimated at around 1.6 mln tn, compared with 692,883 tn in 2019-20, he said.

 

Although soymeal exports are seen higher on year, Kohinoor Feeds and Fats Ltd Managing Director A.J. Panjwani said the figure is likely to be lower month-on-month.

 

Overseas shipments of soymeal in February were at 247,085 tn, according to SEA data. 

 

"It is seen lower on month because of shrinking supply in wholesale markets and a surge in domestic prices," The Soybean Processors' Association of India Chairman Davish Jain said.

 

Soybean prices on the National Commodity and Derivatives Exchange had hit an all-time high of 5,616 rupees per 100 kg this week. Soybean is crushed to produce soymeal.

 

Supply of the oilseed is slowing down with the advent of the lean arrival season, traders said.

 

Exports may fall month-on-month in March too, because of rising demand for Argentine and Brazilian soymeal, which are cheaper than the commodity from India, Jain said.

 

Since it is not genetically modified, Indian-origin soymeal commands a premium over its American counterpart. It has a higher protein content of 44-46% against the genetically modified crop, which has 35-40% protein. 

 

Around 5 mln tn of the soymeal produced in the country is consumed in domestic markets, largely by livestock and poultry sectors, Jain said. The remaining demand comes from the food sector. 

 

Soybean is a crucial kharif oilseed and accounts for around 30% of the total oilseed basket.  End

 

Edited by Patricia Hou

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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