The Soybean Processors’ Association of India (SOPA) has downsized the crop to 83.5 lakh tonnes (lt) from 91.46 lt estimated in October 2017, citing drop in yield.
“After an extensive survey in the major growing districts of Madhya Pradesh, Maharashtra and Rajasthan and interactions with the farmers, traders, and processing plants as well as taking into consideration the arrivals, crushing, direct use and exports, SOPA has revised the kharif 2017 soyabean crop to 83.5 lakh tonnes from 91.46 lakh tonnes given in October 2017,” said a statement here.
Balance sheet
Attributing the drop to lower yields, SOPA Chairman Davish Jain said, “In many areas, yields have been lower than what was anticipated earlier. This made a case for revising the crop projection. However, a lower crop will not affect the domestic availability, hence we have reduced the estimated exports for the oil year 2017-18 down to 12.5 lt against 20 lt last year.”
According to latest SOPA estimates, soyabean carryover stock is 13 lt, which is added to the crop size of 83.5 lt, thereby making the overall availability of the oilseed at 96.5 lakh tonnes.
Of this, 12 lt is to be set aside for sowing, while 84.5 lt is seen as the marketable surplus for crushing, direct use and exports.
Between October 2017 and January 2018, the overall arrivals stood at 53 lt, with crushing of 38 lt, direct use of 1.18 lt and meal exports of 7.05 lt. Soyabean stock with farmers, traders and plants is estimated at 45.32 lt as of January.
Exports up 68%
In a recent announcement on oilmeal exports, the Solvent Extractors’ Association of India (SEA) reported a 68 per cent jump in shipments at 23.62 lt for the April 2017-January 2018 period compared to 14.09 lt during the same period last year.
On November 17, 2017, the Centre had raised the import duty on edible oils to 15 per cent across the board and increased Merchandise Exports from India Scheme (MEIS) on soyameal to 7 per cent from 5 per cent. “These measures have made Indian oilmeal more competitive in the world market and may result in to larger export of oilmeals during the current year,” added SEA in a statement on Wednesday.