HAMBURG: Pakistan, traditionally a soymeal importer, has started soymeal exports after importing large volumes of soybeans in recent months, European traders said on Monday.

“An initial sale of Pakistani-produced soymeal has been made to Sri Lanka,” one European trader said. “Pakistan is now in the market to export up to 50,000 tonnes of soymeal.”

Pakistan has been a major buyer of soybeans this year as import duties and local sales taxes have made soybean imports for local crushing more attractive than soymeal imports, used for animal feed.

Oilseed processors in Pakistan are also increasing soybean crushings to replace rapeseed/canola, traders say.

“The soymeal offered for export is being produced from soybeans imported for crushing from the United States, Brazil and Argentina,” a trader said.

Published in Dawn, November 3rd, 2015

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