News Buzz

Drop in soyabean exports likely: SOPA

Soybean Processors Association of India is of the opinion that India’s soyameal exports for the oil year 2019-20, starting October, may see a sharp decline. This has been attributed to lower availability of the oilseeds for crushing and higher prices. SOPA has projected a 20% dip in soybean output this year. There is also a lack of clarity in continuation of the incentive under the MEIS scheme which is consequently hurting export order bookings.

 “Indian soymeal is expensive by over $100 per tonne when compared to our competitors. The 7 per cent incentive, provided under MEIS scheme over the FOB value of the shipment, helped the exporters offset the higher price in the international market to some extent,” said DN Pathak, Executive Director, The Soybean Processors Association of India (SOPA).