India’s soyabean carryforward stocks for oil year 2023-24 seen at record 32.01 lt on higher imports

The carryforward stocks of soybean for the next oil year 2023-24 starting October are seen at a record 32.01 lakh tonnes (lt) on higher than expected imports of the oilseed during the current year.

Trade body The Soyabean Oilseeds Processors Association of India (SOPA) expects the imports of soyabean to be higher at around 5.5 lt during the current 2022-23 oil year as compared to the earlier projection of 2 lt, said Executive Director D N Pathak.

So far, about 5 lt have already been imported and the expectation is that another 50,000 tonnes could be come in, Pathak said, adding that imports were mainly on account of price issues. As a result the carryforward stocks for the oil year ending 2022-23 are seen higher at 31.01 lt as compared to same period last year’s 25.15 lakh tonnes.

Higher crushings

WOPA estimates crushings during 2022-23 oil year at 105 lt, up from previous year’s 84 lt. Till end July, soyabean crushings of 92.50 lt have taken place as compared to the same period last year’s 70 lt. The higher crushing is on account of improved market arrivals due to a higher crop last kharif.

In the ongoing kharif 2023 cropping season, soyabean has been planted in about 124.15 lakh hectares as on August 18 over the same period last year’s 123.39 lakh hectares. SOPA has estimated the acreage at 122.39 lakh hectares.

Pathak said the crop condition is good. The crop is in vegetative and flowering stages in various locations depending on the sowing timings. SOPA is expected to come out with the estimates of the crop size in early October, Pathak said.