India 2014/15 soymeal exports seen at 26-year low as Iran buys less

martes 27 de enero de 2015 01:46 GYT

* Japan switches to cheaper supply from China, Brazil

* Indian soybean prices plunge on bleak soymeal exports

* Tight soyoil supply forces India to raise palm oil imports

By Rajendra Jadhav

MUMBAI, Jan 27 (Reuters) - India's soymeal exports are set to hit a 26-year low in the year ending March as easing of sanctions against Iran allows the key buyer to opt for cheaper South American supplies, industry officials said.

Lower Indian sales could underpin Chicago soymeal futures , which fell almost 17 percent in 2014, while weak export demand could drag on domestic soybean prices. The oilseed is crushed to produce soyoil and the animal feed.

India's 2014/15 soymeal exports could hit 800,000 tonnes, lowest since 1988/89, Ruchi Soya Industries Ltd, the country's biggest soybean processor, told Reuters in an email.

Davish Jain, chairman of the Soybean Processors Association of India, also expects shipments to drop to around 800,000, from 2.8 million tonnes a year ago, due to higher prices.

Even after a 25 percent drop in Indian soybean futures since sowing began in June, soymeal from the country, according to Jain, costs 5-10 percent more than supplies from Argentina and Brazil.   Continuación...