National News Detail
Oilmeal Sales 35% Higher than Corresponding Period Last YearOilmeal Sales 35% Higher than Corresponding Period Last Year
Indian soybean meal and rapeseed meal exports in the first five months of MY 2017/18 (Table 1) gained some momentum on demand for smaller shipments from countries in Southeast Asia, the Middle East and Europe. A higher import tax on vegetable oils and an export incentive in the form of a revised rate of 7 percent (up from 5 percent) on the MEIS (Merchandise Export from India Scheme), particularly for soybean meal, lifted its export sales particularly in comparison to the corresponding period last year. However, if local soybean prices rally then Indian meal will likely become less competitive, particularly when international supplies hit the market a few months from now. The local soybean prices have spiked 30 percent in the last 5 months after remaining flat for the previous year. Note: the first four months of sales do not include surface shipments to neighboring countries due to lack of corresponding trade data.