The demand for Indian soybean meal from Iran and the UAE has significantly increased, prompting a trade body to revise its export projections for the 2023-2024 oil year upwards by 150,000 tonnes. The Soybean Processors Association of India (SOPA) has updated its export estimate from 1.8 million tonnes to 1.95 million tonnes.
According to SOPA, “The increase in export estimates by 150,000 tonnes is due to higher demand from Iran and the UAE,” the association stated in a recent announcement.
Data compiled by SOPA indicates that soybean meal exports from India reached 136,000 tonnes in June, compared to 118,000 tonnes in May and 81,000 tonnes in June of the previous year. In June alone, Iran imported 33,000 tonnes, France 22,000 tonnes, and the UAE 17,700 tonnes of soybean meal from India. From October 2023 to June 2024, India exported 1.78 million tonnes of soybean meal, a significant increase from 1.6 million tonnes during the same period the previous year.
SOPA has also adjusted its estimates for soybean crushing and the domestic use of soybean meal in animal feed. “Given the increased demand for soybean meal in the domestic market, we have reduced our estimates for soybean crushing and meal usage in feed by 200,000 tonnes each, due to the rising use of dried distillers grains with solubles (DDGS) and other alternative protein sources in poultry feed,” the statement said.
Madhya Pradesh, a major soybean cultivation state, has cultivated soybeans on approximately 5.1 million hectares during the 2024 kharif season. The state remains a key player in India’s soybean meal export sector.
Source: The Times of India
