Agri Business

Soybean meal exports set to more than double this year

Our Bureau Ahmedabad | Updated on February 10, 2021 Published on February 10, 2021

Export of soybean meal stood at 438,205 tonnes

‘The arrivals this year have been much higher because of higher crushing and permission to plants and traders to purchase outside the mandi system’

Strong export demand and increased crop availability in the domestic market have lifted soybean meal exports for the current season 2020-21. The oil marketing year runs from October 2020 through September 2021.

In its latest supply and demand estimate, Soybean Processors Association of India (SOPA) has projected soybean meal exports to be around 18 lakh tonnes, more than double the 8.62 lakh tonnes reported in the previous year.

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So far during October 2020 to January 2021, data show that India has exported 9.5 lakh tonnes of soybean meal through sea and land. This is up 223 per cent from 2.94 lakh tonnes in the same period last year.

“Exports of soybean meal are expected to be 18 lakh tonnes compared to 8.62 lakh tonnes in the previous oil year. Due to increased export demand, we expect that the crushing of soybean this year will be 95 lakh tonnes compared to 82 lakh tonnes in the previous oil year,” said DN Pathak, Executive Director, SOPA. So far till January, total crushing is reported at 42.5 lakh tonnes, which was 34.40 lakh tonnes for the comparable period last year.

SOPA has retained its soybean crop estimate at 104.55 lakh tonnes for the current year, up 12 per cent from 93.06 lakh tonnes last year.

Also read: Oilmeals exports up by 133 per cent in December

The arrivals have been higher at 64 lakh tonnes for the October-January period against 54.5 lakh tonnes reported in the same period last year.

“The arrivals this year have been much higher because of higher crushing and permission to plants and traders to purchase outside the mandi system,” Pathak informed in a statement.

On State-wise estimate for soybean output, SOPA expects production to increase sharply in Maharashtra (45.44 lakh tonnes), Rajasthan (8.6 lakh tonnes), Karnataka (3.7 lakh tonnes) and Gujarat (1.4 lakh tonnes) primarily on the back of increased acreage.

Total availability of the seed is projected at 112.71 lakh tonnes, including 5.16 lakh tonnes of carryover stock and three lakh tonnes of imports, besides the crop of 104.55 lakh tonnes. Total seed availability for crushing is expected at 98.71 lakh tonnes, after 12 lakh tonnes being retained for sowing.

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Published on February 10, 2021
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