MUMBAI, Dec 5 (Reuters): Indian soymeal exports in November nearly quadrupled from a month earlier to 110,806 tonnes on higher local supplies and improved demand from Iran and France, a trade body said on Friday.
A pick-up in soymeal supplies from the new season crop from India, Asia's leading supplier, is expected to push up exports in coming months, traders said.
The world's fifth biggest soybean producer grows one oilseed crop a year during the June-September rainy season. However, a late monsoon this year pushed back sowing and the new season supplies.
"Soymeal exports are likely to remain firm for the next two months as this is the peak supply season and demand from Iran is good," said a top exporter from the western Indian state of Gujarat who did not wish to be named as he was not authorised to speak to the media.
Iran was the top buyer of Indian soymeal in November purchasing 40,000 tonnes, followed by France with 22,900 tonnes, data from the Solvent Extractors' Association of India (SEA) showed.
Indian soymeal supplies continued to be costlier for traditional buyers in Southeast Asia compared with supplies of the animal feed from South America, traders said, despite a sharp decline in the average export price to $488 per tonne free on board in November from a peak of $710 in May.
In October, the average export price was $485 per tonne, the SEA data showed.
India's total oilmeal exports in November, however, dropped more than a third from a month ago to 157,356 tonnes, dragged down by a sharp decline in rapeseed and castor meal shipments.
Exports of rapeseed meal in November plummeted 72 per cent to 39,133 tonnes from a month ago while castor seed meal dived 93 per cent to 3,667 tonnes in the absence of demand from South Korea and Thailand, the data showed.
Total oilmeal exports during April-November was 1.42 million tonnes, down 45 per cent from the same period a year ago.
