Agri Picks Report April 19, 2024: Geojit Financial Services

Geojit Financial Services's report on Daily Agri Picks

India's oilmeal exports in March fell 31% on year to 395,382 tn, according to data released by The Solvent Extractors' Association of India on Wednesday. The overall oilmeal exports in March fell owing to a drop in exports of soybean, mustard, and castor seed. Exports of soymeal in March fell to 198,928 tn from 235,233 tn a year ago. However, for Apr-Mar, soymeal exports revived and were at 2.13 mln tn compared to 1.02 mln tn during the same period a year ago. This is because price of Indian soybean was the most competitive in the international market, SEA said in a press release. In March, exports of mustard meal fell to 173,589 tn from 248,063 tn a year ago. Similarly, exports of castor seed meal fell to 22,865 tn from 39,710 tn a year ago, the SEA said. For Apr-Mar, total oilmeal exports rose 13% to 4.89 mln tn, the data showed. "This is highest export of oilmeals since 2013-14 in terms of quantity and value," SEA said. In the same period, mustard meal exports fell slightly to 2.21 mln tn from 2.29 mln tn a year ago. The export of rapeseed in March is more or less the same compared to last year during the same period. "The export sale of rapeseed meal has slowed down pronouncedly of late owing to growing competition from soymeal in the world market," the association said. In Apr-Mar, 1.63 mln tn oilmeal was exported from the Kandla port, against 1.23 mln tn a year ago, and a total of 1.45 mln tn was exported from the Mundra port compared with 1.36 mln tn in the year ago period, according to SEA report. During the same period, exports from Jawaharlal Nehru Port Trust in Mumbai rose to 435,061 tn from 405,776 tn a year ago, the association said. Around 111,043 tn oilmeal was shipped from the Kolkata port, compared with 417,339 tn a year ago, and 1.25 mln tn from other ports compared with 928,360 tn in the same period last year, the association said. During AprMar, India's oilmeal exports to Bangladesh jumped 57.3% on year to 892,659 tn, while those to Vietnam fell 59.2% to 421,372 tn, the data showed. Oilmeal exports to South Korea were at 832,069 tn, lower than 914,433 tn a year ago, the data showed. "Iran has turned out to be largest importer of soybean meal from India (including shipment via Dubai) and imported a record quantity of soybean meal of 8.64 lakh tonnes (864,000 tn) during the financial year 2023-24," SEA report said. In the case of rice bran meal, there were no exports from India in March compared with 51,770 tn exported in the corresponding period a year ago, according to the data. "The ban on exports persisting rice bran processors in eastern India are now confronted with the looming threat of shutting down their operations," the SEA said. The export of de-oiled rice bran during Apr-Jul 2023 was reported at only 152,000 tn, the association added.

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