Indias oilmeal exports plunge 58% on high prices of soybean
The Dollar Business | @TheDollarBiz India’s oilmeal exports in August 2014 have dropped sharply to 133,404 tonnes, which is down about 58% from 317,161 tonnes exported in August 2013. According to the Solvent Extractors’ Association of India (SEA), India’s overall oilmeal exports during April-August 2014 also declined around 36% to 864,929 tonnes from 1.35 million tonnes exported in the corresponding period last year. The steep decline is mainly due to high soybean prices in the domestic market, says SEA. Poor monsoon last year reduced supplies of soybean for crushing in the manufacture of edible oil. According to USDA estimates, India’s soybean meal production in 2013 is estimated at 6.88 million tonnes, which is down almost 12% from an estimated 7.8 million ...
