India 2011/12 soymeal exports seen at 5 mn T

India's soymeal exports are seen at more than 5 mn tonnes in 20-11/12,Adani-Wilmar said.

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India’s soymeal exports are seen at more than five million tonnes in 20-11/12,the chief executive of farm business Adani-Wilmar said on Saturday,jumping about 25 percent from a year-ago.

Atul Chaturvedi also said the country’s could produce more than 11 million tonnes of soybean in 2011/12 against 10 million tonnes in the previous crop year.

He said Indian importers had virtually stopped buying crude palm oil after Indonesia after the Southeast Asian country lowered export taxes on refined palm oils but hiked it for the crude variant.

Indonesia does not have the capability to meet India’s monthly demand of 600,000 tonnes of palm oils,and with costlier crude imports commercially unviable,India,the world’s largest buyer of edible oils,could face a shortage in the near-term.

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