India’s soyabean crushing for October in the new oil year 2023-24 is higher by about 21 per cent on increased market arrivals.

As per the latest supply-demand estimates released by the Soyabean Processors Association of India (SOPA), the apex trade body for the sector, soyabean crushing till October 2023 was 11.5 lakh tonnes as compared to 9.5 lakh tonnes in the same period last year. Market arrivals till October were higher at 20 lakh tonnes over the same period than last year’s 17 lakh tonnes, an increase of about 18 per cent.

Modal soyabean prices in Indore, which hovered below the minimum support price levels at around ₹3,900 per quintal in early October, have moved up to ₹4,845 by the end of the month and are currently hovering around ₹5,010 levels. Soyabean MSP for the 2023-24 kharif marketing season is ₹4,600 per quintal.

Soyameal production during October was 9.07 lakh tonnes, higher than last year’s 7.58 lakh tonnes. The exports of soyameal during October was one lakh tonnes, more than double the last year’s 0.49 lakh tonnes. The domestic consumption of soyameal by the feed sector stood at 6.5 lakh tonnes, the same as corresponding to last year. Similarly, the consumption by the food sector stood at 0.75 lakh tonnes.

SOPA sees imports of soyabean lower at 5 lakh tonnes during the 2023-24 oil year compared to last year’s 7.03 lakh tonnes.

During the oil year 2022-23 ending September, India’s soyabean meal exports almost tripled to 18.36 lakh tonnes over the previous year’s 6.44 lakh tonnes.

In the current oil year 2023-24, the carry forward stocks of soyabean from the previous year are estimated at 24.07 lakh tonnes, marginally higher than the same period last year’s 25.15 lakh tonnes. SOPA estimates crop during kharif 2023 season at 118.74 lakh tonnes, lower than previous year’s 124.11 lakh tonnes. Thus, the total availability during the current year 2023-24 is lower at 142.81 lakh tonnes compared to 149.26 lakh tonnes.

Related Topics