India's soyameal exports have started picking up after a two-month lull with international prices firming up and good demand from Japan, a top industry official said on Thursday. India, Asia's leading oilmeal exporter, is usually through with most of its soyameal sales by May and June but it has done less business this year because of a lower crop and higher domestic prices driven by surging demand from the poultry industry.
But India sold around 155,000 tonnes of soyameal in May compared with 112,000 tonnes in April. "May sales have been very good considering the overall performance during the year," he said.
In June, the country is expected to export between 100,000 to 150,000 tonnes of soyameal compared with 64,000 tonnes in the same month last year.
Japan was the biggest buyer in May taking some 45,000 tonnes of Indian meal and trading companies have struck deals to supply 50,000 tonnes in June at around $260 to $265 a tonne cost and freight.
"Japan has long-term deals with South America and for immediate sales they come to us because we can supply faster," Agrawal said. Sales to Japan and other destinations have picked up after a gap of two months when few deals took place from India because of high domestic bean prices and depressed global markets.
International soyameal prices have risen on concerns of dry weather in the United State, the world's top soyabean producer. Soyabean futures at the Chicago Board of Trade closed firm on Wednesday, hitting an 11-week high as ongoing weather and crop jitters sparked commodity index funds to buy beans.
July closed 5 cents higher at $6.85-1/4 per bushel, with deferred up 6 to 8-1/2 cents. New-crop November settled 7-3/4 cents up at $6.89-3/4 per bushel.
Agrawal said India is expected to produce around 800,000 tonnes of soyameal in the coming months and half of it will be available for exports after meeting domestic demand.
India exported around 1.4 million tonnes of soyameal at the end of May this year, just half of 2.8 million tonnes last year. India's soyabean output is estimated to have fallen to 5.85 million tonnes this year from 6.94 million tonnes a year ago because of scanty monsoon rains, according to Agrawal.
India grows only one soyabean crop a year, for which sowing takes place in June and July and harvesting begins in September. The country's fast expanding poultry industry is estimated to consume 30 percent more soyameal this year at around 1.8 million tonnes compared to the previous year.
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