Oilmeal Exports Rise 19% in May, Soybean Meal Prices Surge Nearly 60% in a Year

India’s oilmeal exports rose 19% year-on-year to 3.74 lakh tonnes in May 2026, providing a strong recovery after a weak start to the financial year. According to provisional data compiled by the Solvent Extractors’ Association of India (SEA), exports stood at 373,907 tonnes in May, compared with 315,326 tonnes in May 2025.

However, the gains in May were not enough to offset the sharp decline recorded in April. Total oilmeal exports during April-May 2026 stood at 739,467 tonnes, down 5.34% from 781,189 tonnes during the corresponding period of 2025.

April shipments had fallen 21.53% year-on-year to 365,560 tonnes, with the SEA attributing the decline partly to lingering disruptions in Red Sea shipping and high freight costs. The recovery in May was supported mainly by rapeseed meal exports, particularly shipments to Asian markets such as China.

Rapeseed meal remained the largest component of India’s oilmeal exports during the first two months of the fiscal year, with shipments rising to 495,154 tonnes from 347,585 tonnes a year earlier. Soybean meal exports, in contrast, declined sharply to 144,473 tonnes from 387,544 tonnes.

The SEA said Indian soybean and rapeseed meal exporters are facing aggressive pricing and intense competition from suppliers in Argentina, Brazil and Europe, along with changing demand patterns in key markets such as China and South Korea. Rising domestic soybean meal prices are also affecting India’s competitiveness in global markets.

China emerged as the largest importer of Indian oilmeals during April-May, with purchases jumping 135.24% to 276,147 tonnes from 117,388 tonnes a year earlier. Rapeseed meal accounted for 273,533 tonnes of China’s imports.

Vietnam also doubled its purchases to 80,231 tonnes, up from 40,040 tonnes. Bangladesh remained largely stable at 102,100 tonnes, while shipments to South Korea and Thailand declined 29.89% and 44.20%, respectively.

The SEA also noted that soybean acreage as of August 14 stood at 121 lakh hectares, marginally below 123 lakh hectares a year earlier. Groundnut acreage, meanwhile, increased to 48.03 lakh hectares from 47.01 lakh hectares. The association said final yields and production would depend on weather conditions in the coming months.

Prices Rise Over Last Year

The SEA data also shows a significant rise in oilmeal prices over the past year. The average price of soybean meal at the Indian port increased to $617 per tonne in July 2026, from $385 per tonne in July 2025, marking a rise of nearly 60%. Prices had risen steadily from $435 per tonne in January to $594 in May and $621 in June before easing marginally in July. Rapeseed meal prices also climbed to $253 per tonne in July 2026, compared with $196 a year earlier. Prices had remained around $217-$253 per tonne during the December 2025-July 2026 period. 

Castorseed meal prices increased to $108 per tonne in July from $88 a year earlier, while de-oiled rice bran extract was quoted at $177 per tonne in July, against $158 in October 2025, the latest comparable figure available in the SEA data. The price increase in soybean meal is particularly significant as the SEA has pointed to rising domestic prices as one factor eroding India’s competitiveness in the international market.