Huge growth in soymeal exports from India

(Gujarat News Office), Mumbai, Ta. 12 January 2021, Tuesday

In the Mumbai oilseeds market, imported palm oil and soyoil prices declined today while sunflower oil was quiet. Meanwhile, cingulum oil was sustained while cottonseed oil continued to decline. In the Mumbai spot market, the price of 10 kg of imported palm oil fell by Rs 105 while that of crude palm oil CPO Kandla fell by Rs 5 to Rs 6. New trades were slow. Soyoil prices were at Rs 1,150 for digam and Rs 115 for refined, while sunflower was priced at Rs 120 and Rs 150 for refined. Mustard was quoted at Rs.

The price of cingulum oil was Rs 1,210 per 10 kg, while cottonseed oil was at Rs 1,150 per kg, while the prices of cingulum oil were Rs 15 to Rs 120 per 10 kg, Rs 210 per 15 kg and Rs 105 per kg of washed cotton. Peanut prices ranged from Rs 50 to Rs 1,150 per bushel. In the futures market, CPO futures were trading at Rs 70 and soyoil futures at Rs 115.50 this evening.

In Malaysia, meanwhile, palm oil futures fell by 30 to 104 points today, while palm oil prices fell by ૧૦ 10 to ૨ 12.50 today. Palm oil and soyoil prices fell in China today and the impact was felt in the Malaysian market.

Meanwhile, the weather was mixed in the overnight trade in the US agricultural markets. In the overnight news, cotton prices rose by 3 points, while soybean prices fell by 12 points and soyoil prices by 3 points, while soymeal prices rose by 30 points. After the supply of palm oil in Malaysia remained tight in 2030, now the world market experts are showing the possibility of increasing production and supply in the new year of 2021.

In the Mumbai spot market, the price of 10 kg of castor oil remained soft at Rs 4 today. The spot price of castor fell by Rs 30, while in the Mumbai flour market, the price of castor flour was quoted at Rs 100 per tonne while other flours were fluctuating narrowly. Meanwhile, soymeal exports from the country have increased and in December, such exports tripled to around 6 lakh 6,000 tonnes, according to sources in the Soybean Processors Association of India. India's soymeal has seen a significant increase in global demand.

In December 2016, such exports were 40,000 tons. Demand from France and Iran for Indian soymeal has recently increased. Such exports from India have doubled in the three months to October, November and December to 5.5 lakh tonnes. Soymeal prices in Brazil, the United States and Argentina have been higher in the world market, compared to lower prices in India.

In the US this evening, soyoil futures were in the range of 15 to 20 points. At home, the castor January futures fell by Rs 4 to Rs 410 this evening. Meanwhile, prices of various deliveries at Navi Mumbai port were Rs 1,200 and Rs 150 to Rs 150 for sunflower, while prices for various delivery palm oil were Rs 1,100 to Rs 1,110 and soybean oil was Rs.