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Soyameal exports are likely to double this month to about 5.5 lakh tonnes on higher overseas demand. Exports during the same month last year stood at 2.74 lakh tonnes.
“We estimate soyameal exports at about 5.5 lakh tonnes in January. There is good demand from overseas,” the Soyabean Processors’ Association of India (SOPA) spokesperson, Mr Rajesh Agrawal, has said.
He noted that currently the exports are taking place at $410 dollar per tonne.
Mr Agrawal said the exports would reach 19-20 lakh tonnes during the first four months of the 2010-11 marketing year which started in October 2010.
During the first quarter of the current oil year, exports have increased by 74 per cent to 14.66 lakh tonnes against 8.41 lakh tonnes in the year-ago period. China, Indonesia, Japan and Vietnam are the major importers of Indian soyameal.
Overall, Mr Agrawal said the country’s soyameal exports are pegged at 35 lakh tonnes in 2010-11 against 23.52 lakh tonnes in the previous oil year.
“Exports in the coming months would depend on domestic consumption which have risen by 10 per cent and export parity,” he said.
Mr Agrawal pointed out that at the current domestic rate of soyabean of Rs 25,000 per tonne, there was no export parity as the processors are currently exporting at about Rs 19,000 per tonne. This is possible as processors had purchased stocks when the soyabean prices were lower, he added.
India is estimated to have harvested at 10.12 mt in 2010-11 crop year compared with 9.72 mt in the previous year.
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