Big jump in soybean meal exports on global demand

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Updated: Mar 16, 2021 8:20 AM

Exports of soybean meal have gone up by almost three times between October and February over the last year owing to strong global demand.

soyabeanSoybean prices have risen by Rs 1,500 per quintal from the minimum support price (MSP) due to the global boom in edible oil and increase in export of soymeal.

Exports of soybean meal have gone up by almost three times between October and February over the last year owing to strong global demand. According to the Soybean Processors Association of India (SOPA), shipments were at 14.35 lakh tonne during the period, against 3.65 lakh tonne in the same period last year.

SOPA has pegged exports of soymeal at 18 lakh tonne for the 2020-21 oil year — more than twice of previous year’s 8.6 lakh tonne. Production of soymeal stood at 41.50 lakh tonne till February, of which 14.35 lakh tonne was exported. France has been the biggest buyer so far this oil year, followed by the US and Indonesia.

Purchases by these countries this year are higher than the entire previous year. France purchased 1,87939.61 tonne, followed by the US which purchased 1,20202.66 tonne. Domestic consumption by feed makers, however, declined by about a tenth because of higher prices and lower offtake by the poultry sector. The decline has been caused by the outbreak of Covid-19 and bird flu, industry people said.

Soybean prices have risen by Rs 1,500 per quintal from the minimum support price (MSP) due to the global boom in edible oil and increase in export of soymeal. DN Pathak, executive director of SOPA, said since oilmeal prices are high internationally, the country has been able to export.

SOPA estimates oilmeal production for 2020-21 oil year to be around 76.46 lakh tonne, of which the feed industry’s offtake is seen at 51 lakh tonne, the domestic food segment at 7 lakh tonnes and exports at 18 lakh tonne.

 

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