Soyabean stocks with private stakeholders (crushing units, traders, and farmers) in India have plummeted by 50% this year, standing at 22.84 lakh tonnes compared to 45.71 lakh tonnes a year ago, despite the kharif planting season commencing. Including approximately 16 lakh tonnes held by government agencies like NAFED and NCCF (procured at MSP during Kharif 2024), the total estimated soyabean stock in the country is 38.84 lakh tonnes, significantly lower than last year.
According to The Soyabean Processors Association of India (SOPA), soyabean crushing till May-end was down 9% to 79 lakh tonnes. Similarly, market arrivals also saw a decline. While the 2024 kharif crop was estimated higher at 125.82 lakh tonnes, overall availability for the year was 135.01 lakh tonnes, due to a sharp drop in imports (0.25 lakh tonnes vs. 6.25 lakh tonnes last year) on muted demand for both oilseed and meal.
Soyameal production also decreased to 62.34 lakh tonnes by May-end. Prices remained subdued, often below MSP, due to muted demand from the livestock feed segment, which saw a decline in off-take. This was partly attributed to the increased availability and lower price of DDGS (Distiller’s Dried Grains with Solubles), a by-product of grain-based ethanol, which feed makers are substituting for soyameal.
Furthermore, soyameal exports have dropped to 14.63 lakh tonnes this oil year (starting October) compared to 16.41 lakh tonnes in the same period last year, primarily due to the higher price of Indian soyameal. Germany, France, Bangladesh, and Nepal were among the largest buyers.
