India’s soymeal exports are expected to shoot up by 14 per cent to 5.5 million tonnes this year though realisation may go down as fears of global recession have already started squeezing prices in international markets.
“The exports are likely to touch 5-5.5 million tonnes as there is demand outside. But the prices are crashing. Last year the prices touched $492 a tonne. But now they are ruling at the $300-level,” Soyabean processors Association (SOPA) Co-ordinator Rajesh Agrawal said.
The exports touched 4.89 million tonnes in 2007-08.
A weakening rupee is unlikely to come to the rescue, as prices in the global markets have come down more than the currency depreciation, he added.
Moreover, fears of global recession may prompt people to do only “need-based buying” instead of taking a long position on the commodity, he said.