Good crop, mkt ups oilmeal export

Commodities Bureau
Posted: Tuesday, Sep 09, 2008 at 0127 hrs IST
Updated: Tuesday, Sep 09, 2008 at 0127 hrs IST

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New Delhi, Sep 8 : Bumper production of soybean and high overseas demand of soymeal, have resulted in India’s oilmeal exports rising by more than 116% in the April - August 2008 period in comparison to the same period in 2007. According to the the Solvent Extractors’ Association of India (SEAI), a trade body of the vegetable oil industry, the exports of oilmeal in April - August 2008 rose to 2.3 million tonne from 1.09 million tonne achieved during the same period last year. This is being attributed to soymeal exports rising during the period to 1.59 million tonne from 5.3 lakh tonne. Soymeal exports contribute close to 44% of total oilmeal exports.

According to SEAI data released on Monday, other major oil-extract exports like rapeseed meal and groundnut meal also went up during the period. Rapeseed meal exports went up to more than 5 lakh tonne from 3.2 lakh tonne during the period, while groundnut meal rose significantly to 26,719 tonne from 4,775 tonne during the period last year. Export earnings from oilmeal during August 2008 was Rs 657.40 crore and cumulative exports were to the tune of Rs 3,674 crore during April - August 2008.

Meanwhile, another trade body, the Soybean Processors’ Association of India (SOPA), on Monday, said that the export of soybean meal during August 2008 went up to 2.1 lakh tonne from 46,720 tonne during the same period last year, registering a hefty hike of 354.43%. “A significant rise in production along with high overseas demand for soymeal were reasons for the surge in exports,” Rajesh Agrawal, coordinator, SOPA, told FE. He also said that rising freight costs in countries like Argentina also ensured that traditional buyers like Vietnam, Japan, South Korea and China sourced their soymeal from India. Soymeal, an important source of protein for animals, is processed from soybean.

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