India’s soymeal export outlooks differ on monsoon impact

September 29, 2013

Soymeal Export
Soymeal Export

India could export as much as 5 million tonnes of soymeal in the year beginning October 1, 2013, an increase of about 25 percent on the previous year, as Asia’s top exporter finds strong demand from Iran and Thailand. The June-to-September monsoon has poured heavy rains on growing soyabean plants in the key producing states of Maharashtra and Madhya Pradesh, and top executives have taken differing views of the damage they had caused.

India’s soymeal exports compete with South American shipments in Asian markets, and 600,000 tonnes of deals have been signed for October to December already, the head of leading soybean processor Ruchi Soya told a conference. There has been strong demand from Iran, Paul Bloemendal, commercial director at Ruchi Soya said, as Tehran tries to balance its oil sales to India in the face of Western sanctions.

The deals were signed for new season supplies in a wide price band of $465 to $530 per tonne as the rupee currency was fluctuating sharply in the last month. “There is good demand for soymeal. We have already booked more than 10 percent of total exports,” Bloemendal said. He estimated total exports would be flat at 4.1 million tonnes, but the head of India’s leading edible oils importer and refiner, Adani Wilmar, said exports may be 4.5-5 million tonnes.

India’s soymeal exports have fallen 9 percent to 3.3 million tonnes in the period from October 2012 to August 2013, hit by lower demand from Vietnam and Indonesia, data compiled by industry body the Soybean Processors Association of India shows. Adani Wilmar’s chief executive, Atul Chaturvedi, also pegged output of soyabean in 2013/14 as high as 13.5-14 million tonnes, up from 12.5 million tonnes in the current year. Courtesy  Reuters

Published in ZaraiMedia.com

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