Soymeal exports likely to fall 80% in May

India’s soymeal export is likely to remain below 70,000 tonnes for the last month, a near 80 per cent decline from the year-ago period.

The country exported 306,000 tonnes in May 2008.

“Soymeal exports is likely to remain below 70,000 tonnes in May,” Soybean Processors Association of India Co-ordinator Rajesh Agrawal said.

He attributed the estimated decline in exports to low arrivals of soybean crop in the mandis, lower crushing and poor demand from importing countries.

Agrawal said exports during the remaining four months would depend on arrival of soybean in the market.

Traders believe that farmers are still holding soybean crop in anticipation of better realisation. In April also, exports fell sharply by 85 per cent at 83,894 tonnes.

During October 2009-April 2009 period, soymeal exports fell by nearly 30 per cent at 26,65,095 tonnes from 37,74,099 tonnes in the corresponding period of the previous season.

Soymeal exports stood at 4.88 million tonnes in 2007-08 season that runs from October-September. According to the government data, soybean output is estimated to fall at 9.05 million tonnes in 2008-09 against 10.97 million tonnes in the previous year.

Vietnam, Japan, Indonesia and Thailand are the major markets for Indian soymeal.