Oilmeal exports drop 73 pct in August due to higher MSP of soybean meal

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Pune | Published: September 7, 2019 3:50:35 AM

This is mainly due to higher prices of domestic soybean meal, thanks to higher MSP of soybean.

oilmeals, india oilmeals, Solvent Extractors Association of India, soybean india export, india exportsThe export of castorseed meal has increased to 247,820 (188,040) tonne, mainly exported to South Korea.

India’s exports of oilmeals during August 2019 have been provisionally reported at 98,871 tonne compared to 359,752 tonne in August 2018 i.e, down by 73%. According to the data compiled by the Solvent Extractors’ Association of India (SEA), the overall export of oilmeals during April-August, 2019 was reported at 1,016,682 tonne, 23% down compared to 1,326,626 tonne shipped during April-August 2018.

This is mainly due to higher prices of domestic soybean meal, thanks to higher MSP of soybean. This makes the domestic oilmeal expensive in international market compared to other origins, BV Mehta, executive director, SEA, said.

The export of castorseed meal has increased to 247,820 (188,040) tonne, mainly exported to South Korea.

During April-August 2019 Vietnam imported 147,869 tonne of oilmeals (compared to 265,699 tonne); consisting of 2,411 tonne of soybean meal, 88,087 tonne of rapeseed meal and 53,929 tonne of De-oiled Rice Bran Extraction.

South Korea imported 398,048 tonne of oilmeals (compared to 431,084 tonne); consisting 18,367 tonne of soybean meal, 184,512 tonnes of rapeseed meal and 195,169 tonne of castorseed meal. Thailand imported 118,178 tonne of oilmeals (compared to 135,229 tonne) consisting 97,229 tonne of rapeseed meal, 17,581 tonne of Rice Bran Extractions and 3,368 tonne of soybean meal.

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