The domestic poultry industry is heaving a sign of relief as drop in soybean meal exports in the last six months has stabilised prices just ahead of summer season, when demand for non-vegetarian food usually falls.

Financial Express of India reports poultry industry sources saying wholesale prices of live weight broiler or chicken in Delhi has declined marginally by eight rupees (INR) per kilo in the last two months largely due to fall in feed prices.

Poultry feed prices which largely comprises of soybean meal and corn has declined from INR19,000 a tonne to INR17,000 in two months.

Traders said poultry prices have started moderating because of a steep decline in soybean exports as compared to last year over reports about bumper harvest in Brazil and United States.

According to data released by the Indore-based Soyabean Processors Association (SOPA) last week, soybean meal exports in February dropped by 43 per cent to 210,000 tonnes against 380,000 tonnes during the same month last year.

Many countries including China, Europe, Malaysia and Middle East, did not place any order for Indian soybean meal last month.

Ricky Thapar, spokesperson for Poultry Federation of India (PFI) told Financial Express: "Stable feed prices would also help in keeping prices of chicken and eggs during the coming summer months."

According to PFI, egg prices have also started moderating in Delhi.

Wholesale egg prices in Delhi have declined to INR2.35 each yesterday (16 March) from INR2.83 in January. Retail price of eggs has dropped to INR40 per dozen from INR45 in January.

Out of the total estimated annual soyabean production of 9.5 million, around 20 per cent is used for the extraction of oil and 500,000 tonnes are used for seed. According to Financial Express, out of 6.5 million tonne of soybean meal, 3.2 million tonne are used in domestic livestock feed and rest is exported.