India set to export 4 MT soymeal amid record production
Soyabean production is likely to be at 88.65 lakh tonnes this year, against 71.4 lakh tonnes last year.
By PTI |
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 told media here on Friday.
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 per cent," 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 Rs 1,595 and Rs 1,615 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 Rs 1,595 and closed above Rs 1,600.
"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 told media here on Friday.
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 per cent," 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.
ADVERTISEMENT
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 Rs 1,595 and Rs 1,615 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 Rs 1,595 and closed above Rs 1,600.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
