Mumbai: India is expected to export a record four million tonnes of soymeal in the oil year October- September 2008, buoyed by higher output, a top industry official said.
“The record production of 88.65-lakh tonnes is due to a higher acreage under the crop and favourable rains,” Soybean Processors’ Association of India (SOPA) executive director D R Kalra said on 12 October.
Soyabean production is likely to be at 88.65 lakh tonnes this year, against 71.4 lakh tonnes last year, he said. “The yield in Maharashtra has shown an improvement of over 10 per cent while yields in other areas like Madhya Pradesh, Rajashtan, Andhra Pradesh and Karnataka improved by 5-10%,” the SOPA official added.
“Millers and crushers are buying soyabean heavily to meet the export commitment of 6-lakh tonnes of soyabean meals by December 2007,” an analyst at Kotak Commodities, Amol Tilak, said.
Indian soyameal is mainly exported to South-East Asian nations like Indonesia, Thailand, Malaysia and China, he said. In the domestic market, soyabean prices are expected to rule firm on the back of global cues. Soyabean October contract on commexes could trade between Rs1,595 and Rs1,615 per quintal.
Lower arrival in the spot market was one of the factors behind the rise in prices, Tilak added. The October contract on National Commodity and Derivatives Exchange (NCDEX) broke the critical resistance of Rs1,595 and closed above Rs1,600.