We can see the positive support in Indian soy-seed & meal prices. Iran appeared as the third top destination for Indian oilmeals, after South Korea at 571K tonnes and Vietnam at 422K tonnes. Overall soymeal exports raised at 994K tonnes as against 937K tonnes in thsame period last year.

Iran has revised its payment mechanism with India, and accepts payments in rupees as well as uses the same fund to pay to India for its imports.

India’s soymeal sales to Iran are set to increase as the oil producer uses the rupees it receives for its crude exports to cover its animal feed demand.

India’s soymeal exports to Iran may reach to 450,000 tonnes during the 2018/19 fiscal year ending in March, higher from 22,910 tonnes during the last year, Iran aggressively interested due to the sanctions and it seems demand will remain there in coming months. Iran has agreed to sell crude oil to India, in exchange for rupees.

And, overall oil meal exports from April to December 2018 were reported at 2,387,028 tonnes compared to 2,246,989 tonnes in the same period last year, rising 6 per cent on a year-on-year basis.