India’s soyameal exports increased by about 8 per cent during the October-May period of the 2023-24 oil year on improving overseas demand, while the domestic offtake witnessed a decline during the period.
Soyameal exports during October-May were up at 16.41 lakh tonnes (lt) over 15.16 lt in the same period a year ago, as per the latest data released by the Soyabean Processors Association of India (SOPA). Though market arrivals for the period were slightly lower at 89.50 lt over 91 lt in the same period last year, the crushings till May improved, according to a SOPA statement.
SOPA estimates that soyabean stocks with the crushing units, traders and farmers as on June 1 are estimated to be around 45.71 lt, lower than 53.87 lt in the same period last year.
Crushing up
Crushing during October-May was up at 86.50 lt over 83.50 lt in the same period last year. The production of soyabean meal during the period was up at 68.26 lt over 66.65 lt in the same period last year.
However, the domestic offtake from the feed sector was down marginally at 45.50 lt (46.25 lt in the same period last year). Similarly the domestic consumption from the food sector during the period was down at 5.45 lt (6.25 lt). The balance soyameal stock as on June 1, stood at 2.31 lt, as compared to same period last year’s 1.52 lt. Imports of soyabean meal stood at 0.24 lt during the October-May 2024 period over same period last year’s 0.06 lt.
Iran was the largest buyer of Indian soyameal during October-May at over 3.79 lt, followed by the United Arab Emirates at over 3.45 lt, Bangladesh at over 2.86 lt and Nepal at over 1.53 lt.