India seals first new-crop soymeal export deals

SINGAPORE (Reuters) - India has struck its first soymeal export deals from the new soybean crop, selling about 30,000 tonnes for November and December shipments, regional traders said on Thursday.

"Most deals were finalised at premiums of about $10 to $12 over Chicago," said a Singapore-based trader. "Traders have taken positions but the cargoes have not been sold to final destinations."

India is expecting to harvest a soybean crop bigger than last season's 7.5 million tonnes, but exports in the new season beginning November could fall because of higher domestic demand.

The soybean harvest is expected to start from late September.