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Iran To Buy 40,000 Tonnes Of Soybean Meal From India

16 May 2018 7:58 pm
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NEW DELHI (Commoditiescontrol)- Soya processing plants of Madhya Pradesh have signed deals to export at least 40,000 tonnes of soybean meal to Iran at a price of Rs 32,500 per tonne, as per media report.

The deal may push up soybean prices. The deal was finalised as MP soybean meal is non-GMO and considered as best.

Meanwhile, the downtrend in rupee has also raised hopes of improvement in export demand. Yesterday, May 15, the rupee had lost 56 paise -- the second biggest single-day fall of 2018 -- to end at a new 16-month low of 68.07 as panic dollar demand rattled the currency market.

In general, a weaker domestic currency makes exports more competitive.

According to the Soybean Processors' Association of India (SOPA), India is likely to export 90,000 tonne soymeal in April, down around 20% from 1,11,800 tonne a year ago, mainly due to less demand from major importers.

As per data released by SEA, soymeal exports for April-March, rose 26.2% year-on-year at 11.56 lakh tonne due to firm demand from EU, particularly France and Germany.

(By Commoditiescontrol Bureau)

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