Soymeal Exports
India soymeal exports down 52% YoY in Sept but up 16% YoY Oct-Sept, says SOPA
This story was originally published at 13:24 IST on 21 October 2024
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MUMBAI – India's soymeal exports fell 52% on year in September to 51,000 tonnes from 106,000 tonnes a year ago, the Soybean Processors Association of India said in a release Saturday. However, the total exports during 2023-24 (Oct-Sept) rose 16% on year to 2.13 million tonnes, SOPA said. Soybean meal exports during 2022-23 were at 1.84 million tonnes.
India exported soymeal to more than 70 countries during 2023-24, of which Bangladesh, Iran, Germany, and Nepal were the major buyers, according to data released by the association. Most of India's most soybean exports during 2023-24 were to Iran at 415,182 tonnes. India exported 302,731 tonnes of soymeal to Bangladesh, 106,434 tonnes to Germany, and 192,951 tonnes to Nepal.
In September, production of soymeal fell to 552,000 tonnes from 599,000 tonnes a year ago. The output in Oct-Sept rose to 9.5 million tonnes from 9.2 million tonnes a year ago, the association said. Soybean, a kharif oilseed, is sown in Jun-Jul and harvested in Oct-Nov.
Soybean arrivals in spot markets were at 800,000 tonnes in September, up from 400,000 tonnes a year ago. During Oct-Sept, arrivals rose to 12.1 million tonnes from 11.6 million tonnes a year ago.
By the year-end and September-end, plants, traders, and farmers were left with around 1.1 million tonnes of soybean stock, down from 1.8 million tonnes a month ago, the association said. The meal stock at the end of 2023-24 and September was 83,000 tonnes, against 141,000 tonnes a month ago. Soymeal is primarily used as poultry and livestock feed. Indian soymeal is non-genetically modified and considered rich in protein.
The data is collected from various sources, including government and trade. The numbers, however, are estimates only, the association said. End
Reported by J. Navya Sruthi
Edited by Tanima Banerjee
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