Exports of soyameal declined sharply in October on poor demand from overseas buyers, who are seen resorting to need-based purchases in a bearish market.

The export of soyameal during October 2014 was 29,690 tonnes compared with 1,94,486 tonnes in the same period a year ago, according to a statement issued by the Soyabean Processors Association of India.

On a financial year basis, exports till October in the current fiscal were 1.27 lakh tonnes (lt) compared with 10.71 lt in the same period a year ago, a 88 per cent, said Davish Jain, Chairman, SOPA. Soyameal exports have declined sharply from December 2013 onwards due to poor supply of the bean, he said.

Country-wise breakup

Iran, the largest buyer of Indian soyameal in recent years, has purchased 25,000 tonnes during October, after a gap of almost five months. In the current financial year, so far, Iran has bought about 60,500 tonnes of Indian meal, accounting for close to half the exports during the period.

In the last fiscal, Iran was the largest buyer of Indian soyameal and imported some .15 million tonnes, accounting for over 40 per cent of the country’s total shipments during 2013-14. Indonesia was the second largest buyer during October at 2,589 tonnes. Japan, the second largest buyer of Indian meal last fiscal, is yet to make large purchases. So far, Japan has purchased only 297 tonnes in the current fiscal.

Production

SOPA has pegged the domestic output of the oilseed at 10.4 million tonnes, an increase of about a tenth over last year. The increase in output is attributed to higher yield per hectare mainly in Madhya Pradesh, the largest producing State.

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