Increase in Soymeal Exports: India Marks a 14% Increase During the First Half of the 2023-24 Oil Year

Mintec Global
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Straight Forward Growth in Soymeal Exports

India has reported a 14% increase in soymeal exports, reaching 1.34 million tonnes during the October to March period of the 2023-24 oil year. This is a significant rise from the 1.17 million tonnes exported during the same period last year, driven by strong demand from Asian countries.

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SOPA Provides Updated Export and Production Figures

The Soyabean Processors Association of India (SOPA) anticipates that total soymeal exports for the oil year will be around 18 lakh tonnes. “After reassessing the export, import, and crushing data with new information, we are maintaining our initial estimates for soymeal exports and crushing at 1.8 million tonnes and 12 million tonnes respectively,” stated DN Pathak, Executive Director of SOPA. The primary markets for Indian soymeal in the past six months include Iran, UAE, Bangladesh, and Nepal.

Increased Soymeal Production

Soymeal production during the first half of the year stood at 5.31 million tonnes, an increase from 5.22 million tonnes recorded last year. However, domestic off-take from the feed sector slightly decreased to 3.5 million tonnes from 3.57 million tonnes. The food sector also saw a reduction, with off-take dropping to 0.43 million tonnes from last year’s 0.52 million tonnes. As of April 1, soymeal stocks were at 0.18 million tonnes, down from 0.2 million tonnes.

Stability in Soybean Market Arrivals and Crushing Activities

Market arrivals of soybeans remained stable at 7.7 million tonnes up to the end of March, consistent with the previous year’s figures. SOPA’s estimated soybean crop size for the 2023-24 season is 11.87 million tonnes, slightly lower than the previous year’s 12.41 million tonnes. Soybean crushing over the first six months reached 6.750 million tonnes, marginally up from 6.55 million tonnes in the same period last year. Estimated soybean stocks, including those held by traders, farmers, and crushing units as of April 1, 2024, are 6.48 million tonnes, showing a decrease from 7.02 million tonnes.

This detailed overview highlights India’s thriving soymeal market, buoyed by export demand and steady production levels, despite some fluctuations in domestic off-take and stock levels.