Agri Buzz: Indias Oilmeals Export Jumps 35% In October 2022

17 Nov 2022 , 11:56 AM

The Solvent Extractors’ Association of India has compiled the export data for export of oilmeals for the month of October 2022 provisionally reported at 213,154 tons compared to 157,590 tons in October 2021 i.e. up by 35%. The overall export of oilmeals during April – Oct., 2022 is reported at 1,984,833 tons compared to 1,433,813 tons i.e. up by 38%. During the first seven months of the current financial year (2022-23), export of rapeseed meal has more than doubled and reported at 1,341,832 tons compared to 658,230 tons, thanks to record crop of rapeseed and crushing resulted in to highest processing, availability of rapeseed meal and export. Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East Countries @ US$ 295 per ton FOB India while rapeseed meal Hamburg ex-mill quoted at US$ 363 per ton.

In case of soybean meal, India till last month outpriced in international market. However with the fall in local soybean price to the level of Rs. 5700/5800 per quintal, soybean meal FOB Price also reduced to US$ 532 per ton FOB Kandla (from highest level of US$ 888 per ton in March’22) while soybean meal Ex-Rotterdam currently quoted US$ 525 per ton. With the likely little further fall in international soybean meal price due to higher crushing, resulting into ample supplies of soybean meal in International market and expected good Indian soybean crop in current Kharif season with substantial carry forward, crushing and acreage has increased in last few days. The export of soybean meal from India is expected to rapidly increase in coming months. The Indian Soybean Meal has also advantage of being Non-GM variety and preferred in certain European Countries.Powered by Commodity Insights