Oilmeals export fell 67 percent to 1.7 lakh tonne in December with Indian products being uncompetitive in the global market, according to industry body SEA.

In a statement, the Solvent Extractors’ Association of India (SEA) said 1,70,338 tonnes of oil meals were exported in December 2021 compared to 5,16,006 tonne in the year-ago period.

The fall in exports is mainly due to a decline in the export of soybean and rapeseed meals, it added. The overall export of oil meals during April-December 2021 fell 28 percent at 17,66,687 tonne as compared to 24,67,564 tonne in the corresponding period of the previous year.

"Soybean crush margins in India are currently squeezed by pressure on meal prices and relatively high price expectation of farmers for soybean seed which is currently quoted over Rs 6,300 per quintal," SEA said.

At present, the association pointed out that India is outpriced for soybean meal export. The prices of ex. Kandla is quoted at USD 750 against Brazil origin USD 535 and Argentina USD 525 ex. Rotterdam.