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Soymeal exports in the current financial year are expected to remain at a decade’s low of just two million tonnes as higher domestic prices have rendered it uncompetitive in international marketplace, an expert said on Thursday.
In 2013-14, the exports were 2.8 mt, Raju Choksi, Vice-President (Agri Commodities), Anil Nutrients Ltd, said here.
Soymeal has a major share in total oilmeal exports, but since last couple of years, the share has declined. Soymeal exports fell by 19 per cent in 2013-14 and 10 per cent in 2012-13, compared to previous years. Soymeal exports during the April-July 2014 period stood at 107,381 tonnes, down by around 79 per cent compared to corresponding period of last year as per data available from Solvent Extractors Association of India.
Lack of rains since last fortnight is putting the soybean crop, currently in the flowering stage, under stress. Rainfall in the coming week and one spell in mid September would be crucial for this year’s crop, he said.
Choksi said majority of buyers in Asia are covered for deliveries up to November and December. “In the face of bumper production in the USA and South America, Indian exporters are going to find it difficult to compete with these origins.”
According to Central Organisation of Oil Industry Trade (COOIT), crop available for crushing in 2013-14 was 89.80 lakh tonnes compared to 97 lakh tonnes in 2012-13.
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