Soymeal exports up 907% in Oct

Soymeal exports in October reached 198,767 tonne, 907 per cent more than in last October, according to data released by the Soybean Processors Association (Sopa) of India. Exports for the year ending October 2005 stood at 2.2 million tonne.

"Big carryover stocks and satisfactory output ensured easy availability of beans to the extractors, leading to the surge," Sopa Chairman Rajesh Agarwal said.

Increased demand from China, Korea, Vietnam, and Singapore for non-genetically modified soymeal also contributed to the jump, Agarwal said.

"Soybean availability was poor during 2004 kharif season due to 1 million tonne shortfall in production and reluctance on part of farmers to sell their produce at low prices. This year, crushers have adequate soybeans as production improved by 5.3 per cent," a city-based soybean analyst said.

"Figures for October indicate that exports to South East Asia were poised for a quantum jump this year. However, the bird flu scare spoilt all efforts," another edible oil exporter said.