Owing to the increased area of agriculture and adequate rainfall, in this financial year, The Indian Soya traders are expecting better domestic as well as international sales of Soybean meal export from India.
In this year, the soyabean cultivation improved by 1.2% i.e. to 10.61 million hectares land- says from an analysis. As the current pricing of Rs 3,700 per quintal is unlikely to support the exports, the soya processors and traders, expect the prices to fall after the crop harvest.
In FY13-14 the soybean production was 11-12 million tonnes, according to a survey, the soyabean production in the 2015-16 stood at 7- 7.5 million tonnes. In the financial year 2017, the production will cross 9 million tonnes, if the monsoon rains in the month of September are equally distributed and not heavy. Countries like the Middle East, Iran and China want to import it from India, as Indian soya meal is Non-GMO.
For extracting 82% soya meal, 18% soya oil and a staple food for animal feed industry, Soybean is processed. This time export of Soybean meal from India could be double or triple.
According to Davish Jain, who is the Chairman, Soybean Processors Association of India, he said- this year we can export nearly 4 million tonnes of soya meal as we export of 0.4 million tonnes of soya meat last year. as the prices of Indian meal will decrease, so we are requesting the government for increasing the custom duty on the imported oil and we can export further.
On crude soyabean oil, The current import duty is 12.5 per cent, which industry feels should be above 30 per cent.