Soybean meal exports during April 2018 to March 2019 rose by 28.56 per cent to 24.35 lakh tonnes, in contrast to 18.94 lakh tonnes of exports in the same period of the previous fiscal, as per the data released by the Soybean Processors Association of India (SOPA), as per reports.
Moreover, by the end of the season, total exports are likely to touch 20 lakh tonnes as the country had a good crop last year. The total carry forward stock from the previous year comes to 0.19 lakh tonnes with total production at 74.71 lakh tonnes. Around 20 lakh tonnes is expected to be exported while 6 lakh tonnes would be used as food for domestic consumption, and another 47 lakh tonnes as feed for domestic consumption. The balance stock of soybean meal in June is 1.148 lakh tonnes.
Data from SOPA also points out that around 101.83 lakh tonnes of soybean is available for crushing, direct use and exports.
However, in May 2019, soybean meal exports dropped to 38,000 tonnes as compared to 75,265 tonnes in April 2019. Iran was the main buyer of Indian soybean meal in May.
Market reports suggest that farmers are expected to plant more soybean this season as they received 15 per cent higher prices compared to the minimum support price. At current prices, soybeans are more lucrative than other crops and there is a shift happening towards soybeans from maize and cotton in certain regions, reports said.
