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India's oilmeal exports for July has reached the lowest level so far this year led by a sharp drop in the soybean meal exports. The oilmeal exports during July 2019 were reported at 166,301 tonnes as compared to 215,716 tonnes in July 2018, down 23 per cent, the Solvent Extractors' Association of India (SEA) revealed.
The data by the trade body showed that the soybean meal exports dropped sharply to 26,006 tonnes for July, down from 62,524 tonnes in the previous month. For the period April-July, India's soybean meal exports fell to 182,631 tonnes, as compared to 312,126 tonnes in the corresponding period last year.
Trade sources revealed that trade restrictions on Iran, one of the major buyers for soybean meal coupled with higher domestic rates have hampered the exports. Soybean meal rates hovered at USD 440 per tonne Freight on Board Indian port in July, up from USD 357 in October last year.
SEA noted that overall export of oilmeals during April-July 2019 was provisionally reported at 851,070 tonnes as compared to 966,874 tonnes in April-July 2018 down 12 per cent. The data showed a sharp drop in oilmeal exports to exports to Vietnam (-47%), Thailand (-17%) and Taiwan (-7%) for the period on year on year basis.
However, castor seed meal has seen a sharp jump in exports during April-July period to 229,820 tonnes, up from 75,597 tonnes reported in the same period last year. Notably, castor seed meal saw a sharp jump in prices from USD 77 a tonne to USD 118 a tonne, reflecting demand pressure.
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