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With the rebound in demand for Indian soyameal, especially from the South-East Asian and Far Eastern countries, the industry expects meal shipments to more than double to 14 lakh tonnes (lt) in the current oil season (October 2022-September 2023).
Soyameal exports are off to a good start. In the first four months of the season, shipments have increased by 65 per cent to 6.31 lt (3.83 lt).
“With global soyameal prices moving up due to the weather concerns over the upcoming crop in Brazil and Argentina, we are seeing good demand for the Indian meal from Vietnam and Japan among others. In the first four months of the season, we have almost reached last year’s levels of 6.4 lakh tonnes and expect the total shipments to be in the range of 14-15 lakh tonnes,” said DN Pathak, Executive Director, The Soyabean Processors Association of India (SOPA).
In fact, the soyameal exports declined sharply in the 2021-22 season to 6.4 lt from 19.20 lt in 2020-21 as the Indian meal was out-priced in the world market. With world prices staying high, the Indian meal has turned competitive, attracting the buyers’ interests.
The modal price (rates at which most trades take place) of soyabean are ruling steady and is hovering a little above ₹5,000 per quintal at various agricultural produce marketing committee (APMC) mandis in Madhya Pradesh, the largest producer of the oilseed. Prices of soyameal (FAQ) are ruling in the range of ₹45,000-45,300 per tonne in Indore on ex-factory basis.
Crushing up
As per the latest demand-supply data, released by SOPA, soyabean crushings are up 52 per cent for the period under review on improved availability of the oilseed due to higher market arrivals and growing demand for soyameal.
Soyabean crushings stood at 43.50 lt in the October-January period compared with 28.50 lt in the same period a year ago. Arrivals of soyabean increased to 61 lt (48 lt).
According to SOPA estimates, production of soyabean stood at 120.40 lt. With a carry-forward stock of 25.15 lt, the total availability of soyabean was 145.55 lt during the year. After retaining for sowing, the availability for crushing is estimated at 134.55 lt (113.27 lt0.
Total soyameal production during the first four months stood at close to 35 lt against 22.75 lt logged a year ago.
Besides rising exports, the domestic demand for the meal — from both the feed and the food segments — is on the rise. Soyameal offtake by the feed sector stood higher at 24 lt during the October-January period against 21.50 lt. The consumption of soyameal by the food segment was up at 4 lt compared with 2.70 lt in the year-ago period.
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