Soyameal export jumps by 38 per cent in Aug: SOPA.

NEW DELHI: Soyameal exports in August rose sharply by over 38 per cent to 1.7 lakh tonnes in comparison to the same month last year, the Soyabean Processors Association of India (SOPA) has said.

The total export of soyameal, used mainly as animal feed, till August during the current oil year stood at 2.05 million tonnes against 3.04 million tonnes last year, down by 32.41 per cent, it said.

The oil year runs from October to September. Soyameal exports during the current month, is expected to be higher vis-a-vis the same period last year, SOPA added.

Soyameal is obtained from crushing soybean, which is an important source of protein for people.

Earlier SOPA has projected a 30 per cent decline in India's total soyameal exports in the current oil year ending September to 2.3 million tonnes due to lower availability of soyabean for crushing.

The country had exported 3.21 million tonnes of soyameal in 2008-09 oil year (October-September). In value terms, the exports stood at Rs 5,686 crore.

Due to the lower crushing activities in the current oil year, exports of soyameal will remain low in the current oil year, SOPA Coordinator Rajesh Agrawal has said.

He said farmers holding back supplies in anticipation of soyameal prices, which are already high in the domestic market, escalating further was primarily responsible for the slowdown in exports.

In India, Madhya Pradesh, Maharashtra, Rajasthan and Andhra Pradesh are the major producers of soybeans.

Source : economictimes.indiatimes.com