March 10, 2016
India''s soymeal exports fall 98% in February
India''s soymeal exports has declined to a historic low, with a significant 98% drop in February 2016, The Hindu Business Line reported.
The volume amounted to 1,127 tonnes, compared to 64,515 tonnes in February 2015. In the financial year of April 2015 to February 2016, soymealexports recorded 70,392 tonnes in volume, as compared to 599,818 tonnes in the same period last year, data by the Soybean Processors'' Association of India showed. The latest volume nosedived 88.26% from its previous record.
In the current oil year, overall exports of soymeal during October 2015 to February 2016 was 27,647 tonnes, compared 502,958 tonnes last year, down by 94.5%.
For oilmeal exports, these recorded 53,866 tonnes in February this year compared to 208,499 tonnes in the same month last year, reflecting a 47% drop, according to data by the Solvent Extractors'' Association of India (SEA).
The overall export of oilmeals during April 2015 to February 2016 slid by 52% as compared to the same period last year. The volume in the former recorded 1,092,905 tonnes, compared to 2,256,436 tonnes in the same period last year and 3,969,903 tonnes in 2013-14.
Continuous disparity and high prices in the local market had led to a significant decline in soy crushing, impacting domestic supplies of oils and meals.
Additionally, capacity utilisation is at its lowest, with several plants shutting down or operating at low capacity.