Soybean meal exports may drop by over 20%: SOPA

Indore: Export of soyabean meal from India in current oil year ending September 2024 may drop to 14 lakh tonnes from earlier estimated 18 lakh tonnes, said a trade body on Saturday.

Soybean Processors Association of India (SOPA) has lowered the projection of soyabean meal exports from India in the oil year Oct 2023 to Sept 2024 to 14 lakh tonnes.

SOPA executive director DN Pathak said, “The prospects for export of soybean meal in the remaining period of this marketing year look slightly pessimistic as we are out- priced in the international market.

We have, therefore, reduced the projected export of meal from 18 lakh tonnes to 14 lakh tonnes for the period Oct 2023 to Sept 2024.”

Madhya Pradesh is a leading soybean producing state in the country contributing over 60 per cent in total production and is a major trading centre.

Exports of soyabean meal in Jan, however, jumped more than 30 per cent to 2 lakh tonnes from the same period a year ago amid high demand from Iran and United Arab Emirates, SOPA said.

Soybean meal exports during Oct to Jan stood at 6.09 lakh tonnes as against 5.68 lakh tonnes in the same period a year ago, data from SOPA showed.

Exports of soyabean meal from India in the oil year 2022- 23 that ended in Sept jumped more than double to 18.4 lakh tonnes amid a pick-up in demand from South East Asian countries, SOPA had said last month in a press release.

Source: Times of India