India has an opportunity to export soybean to China, says Adani Wilmar
US soybean futures have fallen nearly 20 percent since China announced on April 4 plans to slap a 25 percent tariff on 106 US products, including soybeans.
US soybean futures have fallen nearly 20 percent since China announced on April 4 plans to slap a 25 percent tariff on 106 US products, including soybeans.
Atul Chaturvedi of Adani Wilmar spoke to CNBC-TV18's Manisha Gupta on current trends in soybean prices.
“We have to live with this volatility with so much of uncertainties with US and China going hammer and tongs after each other. This is actually affecting the total trade flows. US beans are now finding its way into Argentina, because Argentina is having a drought and Argentina as an export destination has come off. Brazilian beans are finding its way in China, so things are a little topsy turvy," Chaturvedi said.
"But from the Indian perspective I think it is a good think because monsoon has been relatively kind to us and we should hope that our soybean planting numbers are going to been relatively better because there could be a little bit of divergence from cotton and pluses,” said Chaturvedi.
He further added, “India would definitely have an advantage in terms of selling its soybean meal into South East Asian. I won’t be too surprised if it finds its way into China as well. Because China is going to be definitely looking at alternate sources for its requirements of soybean and its meal.”
First Published: Jul 13, 2018 12:36 PM IST
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