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Record India Soybean Meal Premiums Disrupt Trade Flows
09.12.2022 20:32 "Agro Perspectiva" (Kyiv) —
Driven by high domestic soybean meal prices in 2021/22 and concerns from the domestic poultry industry about adequate supplies, the Indian government announced an additional tariff-rate quota (TRQ) of 550,000 metric tons for soybean meal (to include genetically engineered) on May 2, 2022. This was in addition to the TRQ of 650,000 tons that had already been implemented in August 2021. Total 2021/22 imports of soybean meal reached 646,000 tons, almost triple the volume of the prior marketing year. Imports were attractive compared to high domestic prices for soybean meal. India has sourced most soybean meal imports from Argentina at an average $227/ ton, a steep discount to domestic supplies at an average $697/ton. Additionally, high domestic prices had a negative impact on India exports in 2021/22. India has historically been a significant supplier of soybean meal to the global market, principally to the EU, the United States, and Nepal. Its non-genetically engineered crop has dominated the global market for customers with such preferences. 2022/23 meal imports are forecast to decline and remain lower than the 5-year average as domestic supplies are now trading at a discount to major global supplies. Also, the additional TRQ for soybean meal imports ended September 30 with no indication of extension. The lower prices will raise India soybean meal exports in 2022/23 by 65 percent compared to the previous year, putting them slightly below the 5-year average.
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