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India Export Soybean Meal Increase 38 percent

Written By mine on Rabu, 15 September 2010 | 00.06

Asia largest soybean exporter, India country, will jump 38 percent ?on export the soybean commodity to Vietnam and South Korea that have increasing of purchase of soybean import. Traders have signed contracts for 150,000 tons to 200,000 tons with buyers of soybean meal in Vietnam and South Korea for delivery in the quarter ending December. Soybean meal, mixed with poultry feed as a form of protein to aid birds? growth, has been sold at prices between $365 a ton and $378 a ton.

Soybean meal futures for December delivery rose as much as 0.7 percent to $295.8 a ton in electronic trading on the Chicago Board of Trade. Soybeans for October delivery on the National Commodity & Derivatives Exchange in Mumbai lost as much as 1.1 percent to 2,058 rupees ($44) per 100 kilograms.

Coordinator for the Soybean Processors Association of India has says that sales to Bangladesh, Pakistan and Sri Lanka, may jump to as much as 4 million metric tons in the year starting Oct. 1, the most since 2007-2008, from 2.9 million tons this season.

Soybean meal prices that have jumped 14.5 percent in the past six months in Chicago and increase competition for the U.S., Argentina and Brazil to supply China, Vietnam, Japan and South Korea, because pressure from India supplies.

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