MUMBAI (Commodity Online): On the back of better kharif soybean crop, fall in rupee and rapidly growing demand from abroad, the export of oilmeals of India rose 4% on in the 3rd quarter of the Fiscal 2012, according to Solvent Extractors’ Association (SEA).
The rise in oilmeals indicates recovery in the global economic activity.
In December 2011, the exports of oilmeals rose 24% to 953,526 tons compared to 765,954 tons same period last year.
According to data, Exports in the first nine months of fiscal 2012, touched 38,68,831 tons of oilmeals from 31,47,512 tonnes during the same period of last year.
Meanwhile, the average soybean meal price rose to $408 a ton from $334 a ton last year and rapeseed meal and groundnut meal prices jumped to an average $229 and $329 a ton in December from $181 and $297 a ton in January respectively, reported Business Standard.
India exports oilmeals to Vietnam, South Korea, China, europe and some others.
In Inter-Continental Exchange (ICE), the soybean meal for March delivery traded at 315 cents on 6th January at 12:30 IST.
