New Delhi: India’s oilseed exports are expected to grow by 10-15 per cent during this fiscal as traders are getting good orders from regions like Southeast Asia, Latin America and Africa, according to exporters.
In 2022-23, the oilseed exports rose by over 20 per cent to USD 1.33 billion (around Rs 10,900 crore). The main oilseeds exported by the country are groundnut, sesame, soyabean, castor, niger, and sunflower.
Former Chairman Indian Oilseeds and Produce Export Promotion Council (IOPEPC) Khushwant Jain said the order books are good and “we expect healthy growth this year also”.
“The main factor is export demand for meal, which is continuously going up, apart from tight soybean supply,” said Chowda Reddy, senior analyst with JRG Wealth Management.
The most-active soybean for May delivery on the National Commodity and Derivatives Exchange (NCDEX) was 1.93 percent higher at 3,694.50 rupees per 100 kg, after hitting a contract high of 3,705.5 rupees.
Buying is advised in soybean at 3,690 rupees for a target of 3,720 rupees, Reddy said.
Rapeseed for May delivery on the NCDEX was 0.74 percent higher at 4,087 rupees per 100 kg, after hitting a high of 4,101 rupees. Soyoil was 0.12 percent higher at 776.45 rupees per 100 kg.
Demand for Indian soymeal has improved due to lower production in South America.
India’s oilmeal exports in fiscal 2011/12 rose an annual 8.9 percent to 5.52 million tonnes, fuelled by strong demand from traditional buyers like Japan, Vietnam and South Korea.
Analysts said soybean arrivals have slowed to a trickle due to a lean supply season.
In the Indore spot market in Madhya Pradesh, soyoil was down 1.95 rupees at 769.80 rupees per 10 kg, while soybean rose 61 rupees to 3,665 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose 81.25 rupees to 4,027.50 per 100 kg.