India’s Nov oilmeal exports jump 150% y-o-y; soymeal exports up 282%

India’s oilmeal exports in November rose by 150% on the year and 91% against the previous month to 407,193 mt, the second highest level seen in the current 2022/23 financial year which runs from April-March, the Solvent Extractors Association of India (SEA) said in a release Monday.

The firm increase came on the back of a strong performance seen in soymeal exports, which reached 164,075 mt in November, 282% more than a year ago and more than 300% against October’s volume of 40,196 mt.

Soymeal exports were seen as more attractive against selling domestically, as local soymeal prices fell to INR42,000/mt ($508/mt) following the drop in soybean prices.

Indian soymeal also became more competitive against international competitors such as Brazil, with Brazil soymeal being quoted at $588/mt ex-Rotterdam versus Indian soymeal at $535/mt ex-Kandla as of December 15.

The lower than expected Argentine soybean crop and crushing pace is also expected to see more supply being offered from other soymeal exporters such as US, Brazil and India at better prices, SEA noted.

The association added that the deprecation of the Indian Rupee (making Indian exports cheaper), proximity to destination markets and the ability to sell in smaller lots to major consumers in Southeast Asia as well as a preference for non-genetically modified (GMO) soymeal from certain buyers in US and Europe helped to uplift soymeal demand in November.

India’s rapemeal exports in November also rose by more than 200% on the year and 36.9% higher than October to 134,952 mt, with total rapemeal exports in the first eight months of FY22/23 coming to 1.48 million mt – a record high.

The level exceeded the previous high of 1.25 million mt seen in 2011/12 marketing year.

“Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East countries at $255/mt FOB India, against Hamburg ex-mill at $368/mt,” SEA said.

For the first eight months of the 2022/23 season, India has exported 2.39 million mt of oilmeal, 50% more compared to the same period in the previous year.

South Korea, Vietnam and Thailand remain major buyers of Indian oilmeal, with South Korea importing 603,686 mt of meal between April-November 2022, 47.8% more than a year ago – consisting of 420,776 mt of rapemeal, 161,073 mt of castorseed meal and 21,837 mt of soymeal.

For the same period, Vietnam imported 567,362 mt of oilmeal – 49.7% more than last year – while Thailand’s oilmeal imports from India were at 433,961 mt – a 208% jump from the previous year.