Soyameal shipments up 38% in Oct-Nov

Soyameal exports have registered a 38 per cent increase in the first two months of the oil year 2023-24 starting October on rising demand from countries such as Vietnam and Bangladesh among others.

Shipments of soyabean have risen to 2.50 lakh tonnes (lt) during October-November of oil year 2023-24 over the same period last year’s 1.81 lt, according to the latest figures from Soyabean Processors Association of India (SOPA).

Production of soyameal during Oct-Nov saw an increase of 8 per cent at 18.54 lt over the same period last year’s 17.16 lt. Demand from the domestic feed sector was steady at 13 lt, while the offtake from the food sector was down by about 14 per cent at 1.50 lt over same period last year’s 1.75 lt.

Market arrivals

While the market arrivals of soyabean during October had seen an increase of 17 per cent at 20 lt, during November the arrivals were flat at 20 lt. However, the imports of soyabean during the period were up at 0.60 lt against same period last year’s 0.14 lt. Traders and oil extraction units are holding a stock of around 106.16 lt as of end-November.

Soyabean stocks carried forward from the previous year stood at 24.07 lt. Including the estimated production of 118.74 lt and expected imports of 5 lt, the total availability for the year is seen at 147.81 lt. Excluding the seeds for sowing, the soyabean availability for crushing, direct use and exports was projected at 134.81 lt for the 2023-24 oil year.

India had exported 18.36 lt of soyameal during 2022-23 oil year ending September. In the current year, SOPA has projected exports of 18 lt.

The biggest buyers of Indian soyameal during 2022-23 were Vietnam at over 5 lt , followed by Bangladesh at 3.5 lt and Nepal at 1.5 lt, accounting for over half of the shipments.