Indian soymeal continues to be outpriced globally
The January 2022 average price for Indian soybean meal (ex-Kandla) was quoted at $750/MT, as compared to Argentina ($460/MT) in the same period, according to that publication.
The report forecasts that India’s soybean meal exports will remain lower for the upcoming quarter due to higher price parity and tight crushing margins.
The Soybean Processors Association of India, an Indian-based soybean advocacy group, has urged the Indian government to provide inland transport subsidies to support domestic exporters of soybean products to remain competitive in the global market.
Last autumn, the Indian government announced that it would allow the import of up to 1.2 million mt of genetically modified soybean meal in a move aimed at addressing a supply shortfall and sky-high domestic prices.
Rapeseed meal exports down
Meanwhile, in terms of the performance of other oilseeds in that market, the author noted that rapeseed meal exports from India plummeted 66% from October 2021 to January 2022.
In December 2021, exports shrank by almost 91% compared to December 2020.
“This drastic reduction occurred as India’s 2020/21 rapeseed crop supply was crushed mostly during the early months of the season, thereby affecting availability for late-year exports.
“New crop crushing should ensue by the end of February 2022 onward.”
South Korea, Vietnam, Thailand, Bangladesh, and Taiwan were the top importers of Indian rapeseed meal during the 2020/21 marketing year.
