Soyabean crushing for the oil year 2024-25 starting October will likely be lower at 117 lakh tonnes, down from previous year’s 122.50 lakh tonnes (lt) on lower availability.
Per Soyabean Processors Association of India’s (SOPA)‘s latest supply and demand estimates, the availability of soyabean during the year is seen lower at 137.76 lt over previous year’s 149.06 lt. This is despite a higher crop of 125.82 lt (118.74 lt). However, a dip in carryover stocks from the previous year — estimated at 8.94 lt over 24.07 lt registered in the same period last year — is seen reducing the total availability for the year. SOPA estimates soyabean imports to more than halve to 3 lt this year.
SOPA estimates soyameal production at 92.32 lt (96.66 lt) on lower availability. Also, the trade body has pegged exports to be lower at 15.50 lt, down from previous year’s 22.75 lt, while domestic consumption by the feed sector is seen flat at 66 lt. Offtake from the food sector is seen marginally higher at 8.5 lt (8 lt).
Crushing of soyabean during October was down at 9.5 lt from 11.50 lt in the corresponding month last year. Similarly, the production of soyameal during October was 7.5 lt (9.07 lt). Exports of soyameal during October were flat at 1.11 lt.
France was the biggest buyer of Indian soyameal during October at 44,301 tonnes, followed by Nepal at 20,137 tonnes and Afghanistan at 8,552 tonnes.
