New Delhi (PTI): India's soyameal export slumped by over 32 per cent so far this season, starting October 2008, to 27.54 lakh tonnes as farmers held back stocks thinking that they would get higher prices in future when demand revives.
Soyameal exports had touched 40.80 lakh tonnes between October 2007 and May 2008.
The shipment of soyameal, used mainly as animal feed, declined by 71 per cent in May to 89,156 tonnes compared with 3.06 lakh tonnes in the same month last year, according to the data compiled by Indore-based Soybean Processors Association of India (SOPA).
The country had exported 48.87 lakh tonnes of soyameal in the 2007-08 season.
"The fall in exports of soyameal last month is mainly due to less arrival of soyabean in the market and consequent lower crushing of soyabean and dip in overseas demand," SOPA co-ordinator Rajesh Agrawal said.
Traders believe that farmers are still holding the soyabean crop in anticipation of better realisation in future when demand grows.
He said exports during the remaining four months of this season would depend on the arrival of soyabean in the market.
Source : The Hindu