India enters into a new soybean meal export contract

Introduction: Indian exporters have begun to reach a new contract to export the soybean meal squeezed out by the newly harvested soybean this year Due to the timely and wide-ranging rainfall in rainy season, it is expected that Indian soybean harvest will be good this year So far, traders said Thursday, they have signed a contract for 50000 tons of soybean meal, with FAS prices ranging from $178 to $183 per ton and shipping dates from October to November Indian soybeans are sown during the southwest rainy season from June to July and harvested from October to November Sandeep Agrawal of Gujarat ambuja Export Ltd, an Indian soybean meal and oil trading company, told Reuters, "we will conclude more of these contracts in 15 days." Traders say new soybeans are expected to go on sale in October and the outlook for production will be clear in two to three weeks "By then, we will be able to better estimate production and price trends," said an official from the international trade bank Traders estimate that this year's soybean production in India is 5.7 million to 6 million tons, up from 5.2 million tons last year Although soybean planting area decreased slightly from last year's 5.8 million hectares to 5.6 million hectares, traders expect soybean yield to increase due to timely rainfall * export is expected to increase India is likely to export about 2.7 million to 2.8 million tons of soybean meal in 2001 / 02 (November to October of the next year), up from nearly 2.2 million tons in the previous year Countries such as South Korea, Vietnam and Indonesia are all more willing to import soybean meal from India than other soybean producing countries such as Brazil and Argentina, because of the short shipping period of procurement from India and the willingness of Indian exporters to export small quantities of soybean meal "Indian soybean meal is accepted in these markets because of its high protein content," said rajnikant Rai, vice president of ITC, a trading company India is also starting to open up new markets in Europe, traders say "Our soybeans are non GM soybeans, so we can also open the door to the European market," said one trader based in Mumbai Genetically modified crops are facing considerable public resistance in Europe He added that India could export about 100000 tons of soybean meal from this year's harvest to Europe (author:) share to feed Weibo share to: