The latest SEA report indicates that the export of oilmeals for January 2024 reached 477,580 tons, showing a 1% increase from the 472,439 tons recorded in January 2023. The cumulative export of oilmeals from April 2023 to January 2024 is reported at 3,974,351 tons, marking a substantial 21% rise compared to the 3,288,559 tons during the same period in the previous year.

The export of Indian soybean meal has surged due to increased international demand, driven by improved price competitiveness and a shortage of Argentine export supplies in recent months, which have dropped by more than a third. Crushing levels are expected to remain below potential in the current quarter, thereby limiting Argentine soybean meal exports. From April 2023 to January 2024, total exports reached 15.86 lakh tons, a significant increase from 5.57 lakh tons during the same period last year. The primary consumers of Indian soybean meal are countries in SouthEast Asia and the Middle East, where India have logistical advantages and can supply in smaller quantities.

In contrast, the export of Indian rapeseed meal decreased in January 2024 due to a lean crushing season and high local prices, which made Indian rapeseed meal expensive for export.