The export of Soybean meal and other value added products for March 2017 rose to 1,80,884 tonne compared to 26,645 tonne in March 2016. This is an increase of 578.85%, according to the figures released by the Soybean Processors Association of India ( SOPA).
From a financial year viewpoint, the export during April 2016-March 2017 was 9,90,155 tonne as compared to 3,87,298 tonne in the same period of previous year, an increase of 155.66%.
In terms of the current oil year (October – September), total exports during October 2016 to March 2017 is 9,14,423 tonne against 1,85,770 tonne last year, an increase of 392.23%.
According to Ritesh Kumar Sahu, fundamental analyst (agri commodities), Angel Broking, soybean April futures touched its lowest prices for the season on Friday on higher supplies and steady demand from the oil millers.
Similarly, mustard seed also fell for second consecutive week on arrival pressure and cheap imports of edible oil. The prices of soybean on National Commodities and Derivative Exchange (NCDEX) declined to `2,837 a quintal, loss of about 12% since mid January.
Since March, soybean is trading in a range `2800-2900 per quintal as demand and supply seems to be in balance while the buyers are not interested to buy at higher levels on reports that there is sufficient supplies in the physical market, Sahu added.
The oils mills have procured large volumes of soybean earlier in the season at lower prices which helps them to produce derivatives products — meals and edible oil at lower prices.
“We expect oilseed prices to be under pressure in coming weeks tracking weak international prices. However, the monsoon forecast, tariff charges for the edible oil and declaration of minimum support prices will have impact on oilseed prices,” Sahu pointed out.