Soyameal exports may rise to 17 lakh tonnes this oil season

Soybean exports increased by 174 percent to 13.78 thousand tons during the period from October to April of the current oil year to September, compared to 5.03 liters in the same period last year. Higher demand from consuming countries such as Vietnam, Bangladesh, etc. led to higher shipments during this period.

The deduction from the local fodder sector increased by about 12 percent, at 38 liters during the period, compared to 34 liters in the previous year. However, demand in the food sector was about 24 percent higher at 5.75 liters (4.65 liters) over the period.

Crush expectations

Fracking activity during this period gained momentum with earnings production rising by about 47 percent to 57.43 liters (39.11 L). Market access for soybeans also improved to 84 liters (66,000 tonnes), despite the downward trend in the edible oils segment. “Looking at processing and export, we revised the forecast for soybean cracking for the oil year up to 105 liters from 100 liters. Likewise, estimated exports of soybean powder via sea and land routes were also revised to 17 liters from 14 liters previously,” DN said. Pathak, executive director of the Soybean Oil Processors Association of India (SOPA), the main trade body.

The upward revision in expected exports follows a midterm revision of estimates for fall 2022 soybean production that raised crop estimates to 124.1 liters from a previous 120.3 liters.

SOPA estimated total soybean imports down 5 liters from its previous forecast of 2 liters. Furthermore, SOPA estimates inventories with factories and dealers at 64.88 liters at the beginning of May.

Vietnam was the largest buyer of Indian soybeans with more than 4.93 litres, followed by Bangladesh with more than 2.17 litres. Vietnam accounted for about 36 percent of India’s total soybean exports, so far. Other major buyers of Indian meal include Nepal at 89,528 tons, Thailand at 67,778 tons, Sri Lanka at 51,068 tons and the United States at 47,678 tons.