Owing to strong global demand, exports of soybean meal have gone up by almost three times between October and February, according to the Soybean Processors Association of India (SOPA). The shipments were at 14.35 lakh tonnes during the period, against 3.65 lakh tonnes in the same period last year.
SOPA has pegged exports of soymeal at 18 lakh tonnes for the 2020-21 oil year, more than twice the previous years 8.6 lakh tonnes. Production of soymeal stood at 41.50 lakh tonnes till February, of which 14.35 lakh tonnes were exported. France has been the biggest buyer so far this oil year, followed by the US and Indonesia. The purchases by these countries this year were higher than the entire previous year. Domestic consumption by feed makers, however, declined by about a tenth because of higher prices and lower offtake by the poultry sector, as per a report.