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Soya meal export grows by 178%

SOYABEAN PROCESSORS Association of India (SOPA) has said that the export of soyabean meal during January 2006 was 4.88 lakh metric tonne as against 1.76 lakh metric tonne during the same period last year, registering a whopping growth of 178 per cent.

india Updated: Feb 06, 2006 16:51 IST

SOYABEAN PROCESSORS Association of India (SOPA) has said that the export of soyabean meal during January 2006 was 4.88 lakh metric tonne as against 1.76 lakh metric tonne during the same period last year, registering a whopping growth of 178 per cent.

SOPA Chairman Rajesh Agrawal said that this information had been collected and compiled on the basis of information received from members, port authorities and other agencies.

The total exports of soyabean meal for April – January during the two financial years i.e. for the period April 05 to January 06 was about 22.73 lakh metric tonne as compared to 15.03 lakh metric tonne for the period April 04 to January 05, showing an increase of 51 per cent over last year.

The export figures on the oil year (October – September) shows a commendable performance by the soya trade. Export during the period October 05 to January 06 was 15.28 lakh metric tonne as compared to 6.90 lakh metric tonne, registering 121.43 per cent growth over the last year.

Explaining about the reasons for the massive growth of soyabean exports in January year, Agrawal said the main reason was the arrival of carry-over crops of last year.

Due to the expectation of getting good price, the farmers did not sell their produce last year. The soya price last year continued to increase, starting from Rs 12,000 per metric tonne to Rs 15,000. As the farmers were expecting that the prices would further improve, they kept their produce with them.

But, after some time, the prices started coming down, leaving the farmers with no option but to keep their produce further.
As the farmers did not want to take any risk this year, they started selling off the carry-over crops of last year.

The crushing and arrival of soyabean has been very risky in the first month of this year, he said. Ironically, they are selling the crops at Rs 12,000 per metric tonne, as the farmers don’t want to take any risk this year, Agrawal said.

First Published: Feb 06, 2006 16:51 IST