India's October Oilmeal Exports Down 29 percent.

India's oilmeal exports fell 29 percent in October, its first fall in a year, a leading trade body said on Friday, on lower local supplies of soyabean and a temporary fall in demand from its traditional buyers in Southeast Asia.

Oilmeal sale from India, Asia's top supplier of the animal feedstocks, was at 353,300 tonnes in October as against 498,159 tonnes a year earlier.

Exports to Japan, Vietnam, South Korea, Singapore and Indonesia fell in October, the Solvent Extractors' Association of India said in a statement, as they had built up stocks from Latin America.

But cumulative overseas sales since April, the beginning of the new marketing year, were at 2.4 million tonnes, up from 1.9 million tonnes in the year ago period.

Japan, South Korea and Vietnam were the top three buyers for the April-October period.

Exports to Iran rose sharply to 175,962 tonnes from 24,612 tonnes in the year ago period as the two countries explore ways to settle their trade, dominated by Iranian oil.

Soyameal exports, which account for a bulk of India's oilmeal sales, were at 223,594 tonne in October, down 43.5 percent from a year ago on lower domestic soyabean stocks.

"Delayed soyabean harvest in some areas led to lower soyameal supply last month, but the situation is likely to improve from November as harvesting season picks up," said Rajesh Agrawal, chief co-ordinator at the central city Indore-based trade body the Soyabean Processors Association of India.

Cumulative exports of soyameal between April and October jumped to 1.3 million tonnes against 1.2 million tonnes in the year-ago period.

Source : brecorder.com