India's 2012/13 soymeal exports seen up 10 pct

(Reuters) - India's soymeal exports are expected to rise by 10 percent to 5.5 million tonnes in 2012/13 due to higher soybean output, said Davish Jain, chief of the Indore-based Prestige Group.

Indian traders have so far struck soymeal export deals of about 400,000 tonnes for November-December shipment, said Jain, a former head of the Central Organisation for Oils Industry and Trade (COOIT).

Jain forecast soybean production of 11.5 million tonnes in 2012 compared with 10.5 million tonnes a year earlier.

India is on track for a bumper soybean crop this year, thanks to the revival of the monsoon, which will ensure plentiful soymeal supplies to Asia and ease concerns sparked by a devastating U.S. drought.

Source : in.reuters.com