India's soymeal exports seen picking up as global prices rally

MUMBAI (Nov 9): India's soymeal exports are likely to rise in coming months, as concerns over soybean output in top producer Brazil lifts global prices to two-month highs, prompting buyers to turn to the south Asian country, industry officials said. The revival in the exports of the animal feed could boost soybean crushing in India and the availability of soyoil, which could reduce imports of soyoil and palm oil by the world's biggest buyer in the coming months. Indian soymeal has become attractive because of the rally in US soymeal prices, Hemant Jain, an exporter in Indore in the central state of Madhya Pradesh, told Reuters. "Until last month, only Bangladesh, Iran and Nepal were making purchases. Now, even Vietnam and other Asian countries have started making inquiries." US soymeal futures jumped 20% in five weeks, as erratic weather has caused problems in the world's No. 1 exporter, Brazil. Indian traders have contracted to export around 300,000 metric tonnes of soymeal for ...