This story is from June 11, 2019

Indore: Soyabean meal exports plummet to lowest of this season

Soyabean meal exports fell to its lowest in the season due to tepid demand from overseas players and limited availability towards fag-end of the season.
Indore: Soyabean meal exports plummet to lowest of this season
Picture used for representational purpose only
INDORE: Soyabean meal exports fell to its lowest in the season due to tepid demand from overseas players and limited availability towards fag-end of the season.
Soyabean meal export in May stood at 38,000 tonnes as against 75,000 tonnes a month ago, according to the Soybean Processors Association of India (SOPA).
The oil year for soyabean is calculated from October to September. Industry experts expect overseas shipment to remain weak until the season-end.
SOPA executive director DN Pathak
said, “This year, total exports will remain high. By end of the season, total exports are likely to touch 20 lakh tonnes as we had a good crop last year. Balance stock of soyabean meal in June is 1.148 lakh tonnes.”
Since October to May, exports stood at 18.17 lakh tonnes as against 12.81 lakh tonnes in the same period a year ago, according to SOPA.
Industry players expected a good opening for the new season as farmers will cultivate more lured by higher prices and encouraging exports.
Consumption of soyabean in domestic market has also gone up led by poultry and industries, industry experts said.
A leading exporter of soyabean meal from Indore said, “This is fag-end of the season when trend is expected to remain weak. Despite some slip in prices offtake will remain poor because we do not have good quality to offer.”

Soyabean meal is offered at $450 per tonne (FOB). A month ago, exporters were offering the meal at $460 per tonne (FOB), as per three industry players.
Iran was the main buyer for Indian soyabean meal in May and exporters expect it to continue purchases in the coming month as well.
Madhya Pradesh is the largest soyabean producing state in the country with several large exporters of soyabean meal operating from the financial capital of the state, Indore.
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