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Soyabean crushing in the country is expected to rise by about a fifth at 100 lakh tonnes in the current oil year 2022-23 starting October over the previous year’s 84 lakh tonnes, on increased availability of the oilseed due to higher production and carry forward stocks.
SOPA’s numbers
According to the latest demand supply statement released by the Soyabean Oil Processors Association (SOPA), the apex trade body for the sector, the soyabean availability for crushing during oil year 2022-23 would be about 17 per cent higher at 147.55 lakh tonnes (126.77 lakh tonnes in previous oil year). This includes 120.4 lakh tonnes of production (118.89 lakh tonnes), carryover stocks of 25.15 lakh tonnes (1.83 lakh tonnes) and imports of 2 lakh tonnes (5.55 lakh tonnes).
SOPA has factored in 13 lakh tonnes for sowing the same last year, direct consumption of 4 lakh tonnes (3.5 lakh tonnes) and exports 1 lakh tonnes (0.62 lakh tonnes). The carry forward stocks for the next year are likely to be higher at 29.55 lakh tonnes (25.15 lakh tonnes).
The trade body has pegged soyameal production to be higher at 79.82 lakh tonnes (67.05 lakh tonnes). Exports of the meal are likely to more than double to 14 lakh tonnes (6.44 lakh tonnes in the previous year).
Domestic consumption for feed is seen marginally higher at 60 lakh tonnes (59 lakh tonnes), while the soyameal for food consumption is seen flat at 8 lakh tonnes, according to the SOPA statement.
Buyers eager
DN Pathak, Executive Director, SOPA said soyabean stocks with farmers, trade and the crushing units stood at 124.05 lakh tonnes as of November 1, higher than the same period last year (106.46 lakh tonnes). The 17 lakh tonnes of arrivals during October were marginally higher than same period last year (15 lakh tonnes). Soyameal production was 6.43 lakh tonnes during October (5.19 lakh tonnes) while the exports stood at 0.5 lakh tonnes (0.22 lakh tonnes).
Meanwhile, Tarun Satsangi, AGM Research at Origo E-Mandi said the market arrivals across the country stood at 10 lakh bags (of 90 kg each) on Wednesday, the season’s highest. Of this, the arrivals in Madhya Pradesh stood at 6 lakh bags.
“There is a good interest from buyers as crushing is happening at a good pace,” Satsangi said adding that current price range of ₹5,300-6,200 per quintal could go up going forward to ₹6,000-6,200.
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