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Soyabean meal exports may touch 14L tonne.
Apr 12, 2023

Soybean Processors Association of India (SOPA) has estimated exports of soyabean meal from India in the oil year 2022-2023 to touch 14 lakh tonne, higher than the last year.

The oil year 2022-2023 began in October 2022 and will end in September 2023.

SOPA executive director DN Pathak said, 'We expect to achieve slightly better exports in soybean meal in the oil year 2022-23 at 14 lakh ton.' A jump in demand from South East Asian buyers has pushed exports of soyabean meal from India, said exporters. Vietnam, Sri Lanka, Nepal and Bangladesh have emerged as major buyers for Indian origin soyabean meal.

Madhya Pradesh is a leading soyabean producing state contributing over 70 per cent to total national output.

Soyabean meal exports during October to March stood at 9.9 lakh ton. Exports of soyabean meal in the corresponding period last year were 4.7 lakh ton, according to data compiled by SPOA. In March, soyabean meal exports were 2 lakh ton as against 48,000 ton in the same period a year ago, SOPA said in a statement.

Arrivals of soyabean has declined in the spot market in March as compared to the previous month, the data showed.

Pathak said, 'Farmers have held back stocks due to a decline in soyabean prices and this has hit arrivals in the spot market in March. Soybean crushing was also lower than expected in March and demand for soybean food products also saw a drop.'

Exporters have estimated better bookings from overseas buyers for the ongoing season if soyabean prices remain stagnant in the spot market.

timesofindia.indiatimes.com

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