Soymeal exports could fall 38% on lower bean crop: Trade body
MUMBAI: Soymeal exports are likely to fall nearly 38 percent from a year ago to 1.25 million tonnes in 2017/18 due to a drop in soybean production, a trade body said on Wednesday.
Lower exports from India will help major growers such as the United States, Argentina and Brazil increase sales of the animal feed to Asian buyers such as Bangladesh, Vietnam and Japan.
The country is likely to produce 8.35 million tonnes of soybeans in 2017/18 marketing season started on Oct. 1, down nearly 9 percent from the previous estimate due to poor weather conditions, the Soybean Processors Association of India (SOPA) said in a statement.
India is the world's biggest importer of edible oils. A drop in soybean output could force the country to raise overseas purchases of edible oils such as palm oil, soyoil and sunflower oil, dealers said.