The Soyabean Processors Association of India (SOPA) has revised the bean crushing and meal consumption figures for the 2022-23 marketing year that ended on September 30, higher than its earlier estimates. As a result, the carryforward stocks of soyabean for the 2023-24 season starting October have now been estimated at 24.04 lakh tonnes (lt) against earlier projections of 32.26 lt.
Total soyabean availability including the production brought forward stocks and imports for the year 2022-23 stood at 143.26 lt compared with 113.27 lakh tonnes the previous year.
Soyabean market arrivals till September-end were estimated at 116 lt (93 lt in the same period last year). Crushings till September stood at 115 lt (84 lt), while exports were pegged at 4 lt (3.5 lt). The stocks with crushing plants/traders and farmers as on October 1 are estimated at 24.04 lt (25.15 lt).
Higher meal output projections
SOPA estimates the production of soyabean meal at 91.79 lt during 2022-23 compared with 67.05 lt.
On account of higher consumption of 67 lt (59 lt) soyameal by the feed sector and exports rising to 18 lt (6.44 lt), SOPA estimates the carryforward meal stocks at 1.32 lt (2.46 lt).
“As the marketing year closed on September 30, 2023, we had a full review of our figures for the whole year and found that the local meal consumption and crushing has been much higher than estimated by us originally, particularly by the small and large poultry industry, having integrated poultry and crushing plants. For this reason, we estimate that crushing for the marketing year has been much higher at 115 lt and meal consumption has been higher at 67 lt,” SOPA executive director D N Pathak said in a statement.
“The export data for August and September are still trade estimates and will be revised when the government releases the actual data,” SOPA said.
Meanwhile, new soyabean arrivals have started in the key producing State of Madhya Pradesh and the modal price (the rate at which most trades take place) across various mandis ruled in the range of ₹4,200-4,730 per quintal. The minimum support price for soyabean is fixed at ₹4,600 per quintal for the 2023-24 marketing season.