In a remarkable twist of fate for the soya meal sector, exports have witnessed an impressive surge of 38% during the initial two months of the 2023-24 oil year, commencing in October. The rising tide of demand, especially from nations like Vietnam and Bangladesh, has propelled soya meal shipments to new heights.
A 38% Jump in Shipments
According to the latest figures from the Soybean Processors Association of India (SOPA), soya meal shipments soared to 0.250 million tonnes during October-November in the current oil year, compared to the 0.181 million tonnes recorded during the same period the previous year. This substantial increase underscores the robust demand for Indian soya meals on the global stage.
Simultaneously, soya meal production witnessed a commendable 8% growth during October-November, reaching 0.1854 million tonnes, up from the 0.1716 million tonnes reported during the corresponding period last year. This surge in production aligns with the increasing appetite for soya meals in various sectors.
Market Arrivals, Imports And Availability Projections
Soybean market arrivals showed a 17% uptick in October, reaching 20 million tonnes (mt). However, November witnessed flat arrivals at 20 mt. Simultaneously, soybean imports surged to 0.60 mt, a notable increase from the 0.14 mt reported during the previous year. Traders and oil extraction units have held a stockpile of around 106.16 mt since the end of November.
Carrying forward soybean stocks from the previous year amounted to 0.2407 million tonnes. Considering the estimated production of 1.1874 million tonnes and anticipated imports of 0.005 million tonnes, the total availability for the year is projected at 1.4781 million tonnes. Excluding seeds earmarked for sowing, the soybean availability for crushing, direct use, and exports is forecasted at 1.3481 million tonnes for the 2023-24 oil year.
Export Projections and Historical Insights
In the 2022-23 oil year, concluding in September, India exported 0.1836 million tonnes of soya meal. SOPA anticipates exports of 0.18 million tonnes in the current year. Notably, the significant buyers during the 2022-23 period were Vietnam, securing over 0.5 million tonnes, followed by Bangladesh at 0.35 million tonnes, and Nepal at 0.15 million tonnes, collectively accounting for more than half of the total shipments.
The surging soya meal exports present a promising narrative for India’s agricultural exports, showcasing resilience and adaptability. Fulfilling the global demand dynamics, especially from critical players like Vietnam and Bangladesh, reveals the agility of the soya meal sector in capitalizing on opportunities. As the soya meal wave continues, it symbolizes a shipment surge and a testament to India’s expertise in meeting diverse global demands. The challenge lies in sustaining this momentum and exploring avenues for further growth in the competitive global market.