Soyabean carry forward stocks for the 2024-25 oil year starting October are expected to be around 11.16 lakh tonnes(lt), down by more than half over same period last year’s 24 lt, according to the trade.
As per the latest supply demand report released by the Soyabean Processors Association of India (SOPA), the apex trade body for the sector, the crushing till August stood higher at 113 lt over 107.5 lt a year ago.
Including the carry forward stocks from the previous year and a crop of 118.74 lt, the soyabean availability for crushing including imports of 6 lt was estimated at 135.81 lt against previous year’s 143.29 lt.
Higher meal exports
The production of soyameal during October-August 2024 was higher at 89.17 lt (85.80 lt in the same period last year) on improved market arrivals.
Exports of soyameal were also higher at 20.77 lt (17.30 lt), despite Indian meal price being expensive in the global market by $100-150 per tonne. Higher exports were mainly on account of strong demand from countries like Iran and Bangladesh, among others.
SOPA estimates the soyabean meal consumption by the livestock feed sector during Oct-August a tad lower at 61 lt (61.85 lt). The consumption for food sector is also bit lower at 7.40 lt (7.55 lt).
Iran was the largest buyer of Indian soyabean meal at 4.12 lt, followed by Bangladesh at over 3.02 lt, Nepal at over 1.90 lt and Germany at over 1.06 lt among others.
Ahead of the new crop arrivals, prices of soyabean are trending lower below the minimum support price levels at around ₹4,400 per quintal in various States. The new crop is expected to hit the market in early October. As per Agriculture Ministry data, soyabean has been planted on some 125 lakh hectares as of September 6 against 123.85 lakh hectares a year ago.
The Centre has recently approved the purchase of soyabean at MSP in States such as Madhya Pradesh, Maharashtra and Karnataka.