India's soybean meal exports reach 3-year high

India's soybean meal exports will hit during the marketing period 2016/17 a three-year high as a significant price decrease due to the good soybean harvest is again competitive exports.
Higher export volumes from India will limit soy meal shipments from South America to Asia and the subcontinent support soybean prices. These were recently dropped on the physical market under the grant price.
India's soybean meal exports could export more than two million tons in the marketing year Association estimated that, 2016/17, which began on October 1. Last year, there were a total of 261.501 tonnes.
Now that India's soybean meal prices are again competitive on the world market, exports come back in gear. Indian soybean meal prices declined in the last four months by 25% to 365 USD per tonne, as the soybean harvest was great. Soybean oil and soybean meal is made from soy beans. Last year, the soy meal prices rose because the soy beans due to a drought suffered a poor harvest. This year, the soya bean harvest is 66% higher fail and large 11.5 million tonnes. It had rained always enough. The domestic demand amounted to 5 million tons, leaving enough for export.
The buyer for Indian soybean meal that is not genetically modified, are located in Thailand, Japan, Viet Nam and Myanmar. Already in November, had exports more than doubled and came to 61.003 tons. Dealers have already secured 500,000 tonnes is for export from December until March. It turns out as a beneficial, that freight rates are currently low.

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