Soybean meal exports rise six-fold in January

Soybean meal exports rose almost six fold to three.36 lakh tonne throughout January due to larger demand in international markets. In January 2020, soybean meal exports stood at 58,000 tonne, mentioned DN Pathak, government director on the Soybean Processors Affiliation of India (SOPA).

The oil advertising and marketing yr runs from October to September.

Pathak mentioned Indonesia (79,375 tonne), France (70,500 tonne) and Germany (48,765 tonne) have been amongst main importers in January this yr.

The leftover product after extracting soybean oil is known as soybean meal.

Pathak mentioned soybean meal costs are aggressive that are supporting exports. He expressed hope that exports may double to 18 lakh tonne within the present oil advertising and marketing yr (October 2020-September 2021). Within the earlier oil advertising and marketing yr, 8.62 lakh tonne was exported.

The affiliation performed a mid-term overview of soybean crop for the present oil yr. Groups of SOPA performed a large-scale subject survey in Maharashtra, Madhya Pradesh and Rajasthan, overlaying main soybean rising districts. Survey groups interacted with farmers, mandi officers, merchants, stockiest and processors to evaluate the crop in kharif 2020.

Crushing has been brisk this yr and exports have greater than doubled in comparison with the earlier yr, mentioned Pathak. On account of elevated export demand, the affiliation expects crushing of 95 lakh tonne this yr, in opposition to 82 lakh tonne within the earlier oil yr.