Soymeal Exports Rise 8.8% Between October and April

Exports of soybean meal has picked up on higher demand from countries such as Bangladesh and Iran among others. Shipments were up by around 8.8 percent during the October-April period of oil year 2023-24 at around 15.23 lakh tonnes over same period last year’s 14 lakh tonnes, as per the latest estimates by the Soybean Processors Association of India (SOPA).

Production of soybean meal registered a marginal growth during the period, while domestic off-take was muted from both food and animal feed sectors.

Soymeal production during the period of October to April stood marginally higher at 60.76 lakh tonnes over same period last year’s 60.26 lakh tonnes. Off-take from the domestic feed sector stood lower at 40 lakh tonnes as compared to 41.05 lakh tonnes, while the consumption by the food sector was lower at 4.95 lakh tonnes (5.75 lakh tonnes in same period last year).

Soybean arrivals during October-April were lower at 82 lakh tonnes (84 lakh tonnes). Crushing till April were higher at 77 lakh tonnes (75.50 lakh tonnes) while the direct consumption also registered an increase at 3.10 lakh tonnes (2.85 lakh tonnes).
Soybean stocks with plants, trader sand farmers as on May stood at 55.41 lakh tonnes, lower than same period last years 61.04 lakh tonnes. SOPA Executive Director D N Pathak said in a statement that the in view of the higher than projected imports of soyabean, the import projections for the year have been revised to 6 lakh tonnes, higher than 5.5 lakh tonnes estimated last month.

Iran with imports of 3.79 lakh tonnes has been the biggest buyer of Indian soymeal this oil year, followed by UAE with 2.93 lakh tonnes. Bangladesh 2.77 lakh tonnes and Nepal with 1.40 lakh tonnes were the other large buyers.

Source: The Business Line