INDIA - India has recorded a drop in soymeal exports during November 2014 to 110,807 tonnes, as compared to 519,125 tonnes exported during the same month last year.
“The main reason for this drastic fall in exports is a bumper soybean crop in North/South America leading to lower price of soymeal offered by these countries while higher soybean prices in India make our soy meal exports expensive,” Indore based Soybean Processors Association of India (SOPA) said in a statement recently.
On a financial year basis, the export during current financial year from April 2014 to November 2014 was at 237,000 tones, against 1.59 million tonnes in the same period of previous year registering a decrease of about 85 per cent.
During current oil year, (October–September), total exports during October 2014 to November 2014 were at 140,000 tonnes, as compared to 714,000 tonnes in the same period of previous year, showing a decrease by 80.3 per cent.
SOPA said during the October 2014, soymeal exports were just 29,69 tonnes, as compared to 194,486 tonnes exported during October 2013 due to due to poor supply of soybean.