The nation’s oilmeal exports declined by 51 per cent to 1.62 lakh tonne in November of this yr due to sluggish export of soybean meal, trade physique SEA mentioned on Friday.
Since India is presently outpriced for soybean meal export as in contrast with different nations like Brazil and Argentina, the nation is unlikely to undertake shipments within the subsequent two-three months, it mentioned in an announcement.
The nation had exported 3.32 lakh tonne of oilmeal in the identical month earlier yr. Oilmeals are used as animal feed in poultry and different sectors.
According to the newest information launched by the Solvent Extractors’ Association (SEA), export of soybean meal declined to 42,383 tonne in November of this yr from 1,98,776 tonne within the year-ago interval.
“Soybean crush margins in India are presently squeezed by strain on meal costs and comparatively excessive value expectation of farmers for soybean seed which is presently quoted over Rs 6,400 per quintal,” it mentioned.
Soybean meal for export at ex-Kandla port in India is quoted at USD 710 per tonne as towards Brazil origin USD 413 per tonne and Argentina’s USD 469 at ex-Rotterdam, it mentioned.
“India is unlikely to export in subsequent two to three months due to excessive value of home soybean seed,” it famous.
As per the info, export of rapeseed extraction declined to 42,383 tonne in November this yr as towards 45,050 tonne within the year-ago interval.
Similarly, castorseed extraction dropped to 28,876 tonne from 37,256 tonne, whereas that of ricebran extraction fell to 48,232 tonne from 50,089 tonne within the mentioned interval.
SEA mentioned ricebran extraction is performing higher due to bigger demand from Vietnam and Bangladesh, it added.
Total export of oilmeal throughout April-November interval of the present fiscal declined by 18 per cent to 15.96 lakh tonne in comparison with 19.51 lakh tonne within the year-ago interval.
Southeast Asian nations, the Middle East in addition to European nations like Germany moreover the US are the principle export marketplace for Indian oilmeals.
(Only the headline and film of this report could have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)