Indian exporters are signing fresh soymeal export contracts at record prices of $330-$340 per tonne, including cost and freight, to destinations in southeast Asia and China, a top trade official said on Friday.
Rising demand in Southeast
Asia could boost export contracts to almost one million tonnes by the end of
September, he said, compared with contracts for around 300,000 tonnes at the
same time last year. Jain said Indian soymeal was being currently quoted at
$290-$300 per tonne free on board, against around $200 a year ago. “China has
bought at levels of above $330 per tonne, including cost and freight,” said
Jain. “It is a real bull market.”
More demand for animal
China is turning to nearby India for soymeal as record freight rates
for dry cargoes are pushing up costs for soy imports from the United States,
while demand for animal feed is picking up from the pig sector. Traders at a
grains conference in Perth put Chinese soymeal buys from India at 50,000 tonnes,
but Chinese industry officials said the country had booked 70,000-80,000 tonnes
for shipment between October and November.
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