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Soyabean meal exports likely to touch record

Rajesh Agrawal, chairman of the Soyabean Processors Association of India (SOPA), told IANS: "Backed by a good crop, the export figures for the oil year (October-September) basis show a commendable performance by the trade."

"We are expecting Soyabean meal exports to reach the highest ever level of 3.7 million tonnes by the end of the oil year (October-September) having already reached 3.11 million tonnes during October 2005-April 2006 as against 1.27 million tonnes in the corresponding period last year — a growth of 145.25 per cent."

The growth being forecast this year comes over a high growth in the previous year. While the volumes have grown, the international prices have not been too favourable so far, said Agarwal. "Now of course both the international and domestic prices are looking up. Still the international prices are not very favourable considering the high price of Soyabean seed in India," he said.

"We expect to realise a better price for the remaining crop overseas than what has been realised so far."

With fears of avian flu receding a little in the country, the domestic demand for Soyabean meal — used by the poultry industry as chicken feed —too is picking up. This would see a shift in focus from overseas to local needs.

Improvement in market sentiments has raised the hope of the Soyabean industry of better "price realisation and consumption of Soyabean meal, especially by the poultry industry," said Agarwal.

The improved outlook together with monsoon being favourable, the Soyabean industry is hopeful of farmers favouring cultivation of the crop and maintaining same levels of production, if not improving.

Agarwal stated that better exports this year are due to better crop and a carryover stock of about 400,000-500,000 tonnes. This has helped India raise its share of the South East Asian market for Soyabean meal, which is around 20 million tonnes.

Pakistan has so far imported 28,981 tonnes of Soyabean meal, and Sri Lanka has imported susbtantially. During April, Soyabean meal exports registered a whopping 227.77 per cent growth with a total of 368,302 tonnes as against 112,366 tonnes during the corresponding month last year, latest trade data show.