Soyameal exports during the first 11 months of oil year 202-22 (Oct-Sept) stood at 6.25 lakh tonnes, down 67 per cent over 19.12 lakh tonnes recorded in the same period in the previous year.

Though the soyabean meal exports have reversed the trend in the last two months, registering a growth, overall shipments for the oil year are likely to remain lower than last year.

Lower soyameal crushing during the year, coupled with higher domestic prices contributed to the decline in shipments. Soyabean meal crushing during the October-August period stood at 74 lakh tonnes, down 20 per cent over 92 lakh tonnes in the same period a year ago, as per the latest supply-demand data released by the Soyabean Processors Association of India (SOPA), the apex trade body for the oilseed..

Soyameal prices in Indore have now declined to ₹42,000 a tonne compared with ₹45,000/tonne a week ago, ₹50,000/tonne a month ago and ₹77,000/tonnes a year ago.

Prices under pressure

The soyabean and soyameal prices are likely to remain under pressure as the new crop is set to hit the market next month. SOPA has reported that the crop is in good to normal condition, while the market is expecting a higher output due to likely improvement in yields.

As of September 1, the soybean stocks with the plants, traders and farmers stood at 34.90 lakh tonnes. The higher carryforward stocks are also seen weighing in on the prices of the new crop.

The offtake of soyabean meal from the feed sector is higher at 51.25 lakh tonnes during October-August over 48.75 lakh tonnes a year ago. Similarly, the use of soyabean meal by the food sector has increased to 7.20 lakh tonnes (5.50 lakh tonnes). The meal stock stood at 2.17 lakh tonnes as of September 1.

During October-August, SOPA estimates the soyabean meal imports at 5.40 lakh tonnes (0.37 lakh tonnes) and soyabean imports at 5.09 lakh tonnes (4.84 lakh tonnes).

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