U.S. soymeal futures hit a 6-1/2 years high this week on tightening supplies and robust demand from China.
“Bird flu in India is affecting local consumption. It is a big opportunity for Indian meal to go out of the country,” Chaturvedi said.
Demand for poultry products has fallen in India after bird flu has been reported in 10 states.
“Soymeal exports fell last year as our prices were way above global benchmarks. Indian prices are now competitive as global prices have rallied,” said Davish Jain, chairman of the Soybean Processors Association of India (SOPA).
Indian exporters were offering soymeal at $540 a tonne free on board, compared with more than $550 from South America, dealers said.
India is mainly exporting soymeal to Indonesia, Vietnam, Bangladesh, Nepal and European countries, said Manoj Agrawal, managing director at exporter Maharashtra Oil Extractions.
The country could export about 600,000 tonnes of soymeal in January and February despite limited availably of containers slowing shipments, he said.
India exported 599,630 tonnes of soymeal in the December quarter, nearly 154% more than a year ago, SOPA said.
