The exports of Soybean meal saw a rise of over 55% in October from the month of September. As per SOPA (Soybean Processors Association of India), this has happened because the prices have fallen and demand has increased in the South-east Asian market.
However, the soybean meal exports and the value-added products of soy were at 19139 tonnes in October 2016 with a fall of 54.5% from 42,104 tonne in October 2015.
Japan, Myanmar and Kenya are the leading buyers for Indian soy meal. East and south Asian countries are where major shipments of Indian soy meal go as they are near and find booking small containers better.
D N Pathak, executive director, SOPA, told that the exports were anticipated to be high as the productions are good and prices are low. Indian and international soybean meal price gap has come down to $15 per tonne to $20 per tonne from $40 per tonne earlier.
Industry experts said that the downfall in soybean exports from the last couple of years because of higher prices of soybean meal in the world market. As the production of soybean is higher this season in India, it will keep prices under check and will make Indian soy appealing to the global market.
Experts tell that the as the new season’s soy will enter the market in November, the prices are expected to fall. Experts from SOPA had earlier said that soybean exports will be more than 1.5 -2 metric tonnes (mt). A good monsoon in the soybean-producing region is the reason for a good crop this season.
Soy meal export during April-October 2016 was 94,871 tonne that showed a fall of 61% from
SOPA has put together data after a study and has revised area used for producing to 109 lakh hectares from 116 lakh hectares last year. The forecast of production has been increased to 114 lakh tonne from the previous 108.79 lakh tonnes.
In Madhya Pradesh, the area of the soybean crop has fallen to 54 lakh hectares from 59 lakh hectares previous year. Production forecast for the state has been increased to 57.16 lakh tonne from earlier 55.86 lakh tonnes. Madhya Pradesh contribution in soybean crop was 34 lakh tonne last year. The soy crop area in Maharashtra is counted at 35 lakh hectares from 39 lakh hectares last year. The crop estimate from Rajasthan is 9.49 lakh tonne on an area of 9.8 lakh hectares. In the last year, the crop was 8 lakh tonne with an area used at 11 lakh hectares.
Original Source: importexportmarketing.in
Food Corporation of India, the country's largest stockholder of foodgrains, has chosen mjunction to auction foodgrains for two years beginning April 2017, in a bid to provi...
INDIA’S OPPORTUNITY IN GENERAL India is recognized and accepted as one of the fastest growing Economy in the World. India has lot many opportunities and possibilit...
India needs to rethink on which export items it should focus, says a report authored by a senior advisor in the finance ministry. The author, H A C Prasad, senior economic advi...