India may increase exports of soybean meal
India may increase exports of soybean meal over the next few months, as some concerns about the Brazilian soybean crop are driving up prices for the product to their highest level in 2 months. This is also contributing to the increased demand for Indian meal.
Higher demand for Indian meal was also observed against the backdrop of active growth in prices for U.S. meal on the CBOT exchange – by 20% over the past 5 weeks.
Indian traders have already signed contracts to supply about 300 thsd tonnes of soybean meal to Bangladesh, Iran, Nepal and Vietnam in November-December.
It is also expected that the increase in meal exports may increase the volume of soybean processing and the supply of soybean oil in India, which, in turn, may reduce the country’s imports of soybean and palm oil.
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