Commodity Online
NEW DELHI : Solvent Extractors Association of India (SEA) said India’s oilmeal exports dropped 33 per cent in June, mainly on a sharp fall in soyameal shipments, compared with the same period a year ago but they were up 10 per cent month-on-month.

In a statement, SEA said shipments in June were 1.97 lakh tones (lt) as against 2.95 lakh tonnes a year ago and 1.78 lt in May this year. For the first quarter of the current fiscal, the exports were down 57 per cent at 6.14 lt.



However, the unit value of the exports was higher compared with the year-ago period due to crop failure in South America. For example, soyameal was exported at average price of $460 a tonne compared with $432 in June last year.

The Solvent Extractors Association said the failure in South America crop has led to a 22-million-tonne shortfall in global supplies.

Production of soyabean and other oilmeals could not be increased, resulting in prices firming up.

Prices have been rising since January this year but they have tended to stabilise of late.
Currently, soyameal is quoted at $450 a tonne.

Soyameal shipments declined 55 per cent n June (down to 1.09 lt versus 2.41 lt a year ago). For the first quarter, they were down 75 per cent to 2.87 lt (11.07 lt).

On the positive side, China increased its buying of Indian oilmeal by 72 per cent to 93,289 tonnes compared with the year-ago period. But shipments to other South-East Asian and Far-East destinations dropped nearly 50 per cent.

The offtake of oilmeals by importing countries has been lower due to slowdown in meat and poultry industries due to economic recession. Oilmeals find their use in the preparation of compound feed for cattle and poultry.

For the fourth consecutive month, there was no export of groundnut meal. Rice bran extraction and castormeal exports improved but that of rapeseed meal dropped.

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