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Informist, Wednesday, Dec. 11, 2024

 

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--SOPA: India Nov soymeal output at 789,000 tn vs 947,000 tn year ago 
--SOPA: India Oct-Nov soymeal output at 1.54 mln tn vs 1.85 mln tn yr ago 
--SOPA: India Nov soymeal exports at 130,000 tn vs 274,000 tn year ago 
--SOPA: India Oct-Nov soymeal exports at 241,000 tn vs 385,000 tn year ago 
--SOPA: India Nov soybean arrivals at 1.6 mln tn vs 2.0 mln tn year ago 
--SOPA: India Oct-Nov soybean arrivals at 3.4 mln tn vs 4.0 mln tn year ago 

 

MUMBAI – India's soymeal exports fell 52.5% on year in November to 130,000 tonnes from 274,000 tonnes a year ago, the Soybean Processors Association of India said in a release Wednesday. For Oct-Nov, soymeal exports fell to 241,000 tonnes from 385,000 tonnes a year ago, SOPA said.

 

India exported soymeal to more than 40 countries from October to November, with Afghanistan, Bangladesh, Iran, Kenya, Nepal, Singapore, Uzbekistan and Vietnam being major buyers, according to data released by the association. In November, production of soymeal fell to 789,000 tonnes from 947,000 tonnes a year ago. Similarly, the output in Oct-Nov fell to 1.54 million tonnes from 1.85 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 1.6 million tonnes in November, down from 2.0 million tonnes a year ago. During Oct-Nov, arrivals fell to 3.4 million tonnes from 4.0 million tonnes a year ago.

 

"One of the reasons for the fall in soybean prices is sluggish soymeal exports, as Indian soymeal is less competitive compared to Argentina's offerings, Indrajit Paul," head of research of Agrocorp International, said. 

 

"Soybean production is raised 1.7 million tons to 427.1 million tonnes on higher area for Argentina and Bolivia and higher yields for Canada," The US Department of Agriculture said in its monthly report on Wednesday. 

Global soymeal output in 2024-25 is estimated to be higher by 990,000 tonnes to 272.5 million tonnes. Imports of soymeal are forecast to be higher by 650,000 tonnes to 71.9 million tonnes on higher imports for the EU, Algeria, Iran, and Venezuela, the report said. 

 

Meanwhile, India's production of soymeal has been projected at 880,000 tonnes in 2024-25, unchanged from the estimate last month. Production in 2023-24 has been estimated at 904,000 tonnes. India is one of the largest importers of soyoil and exporter of soymeal.

 

"Domestic demand for soymeal has declined, with the poultry industry shifting a significant portion of demand to distiller's dried grains with solubles, which is more cost effective, thereby putting additional pressure on soybean prices," Paul said.

 

Distiller's dried grains with solubles consist of undigested grain components resulting from grain ethanol fermentation. It is used as a feed ingredient substitute due to its high nutritional content and low production cost in the feed industry.

 

By the end of November, oil mills, traders, and farmers were left with around 10.1 million tonnes of soybean stock, down from 11.1 million tonnes a month ago, the association said. The meal stock at the end of November was 131,000 tonnes, against 92,000 tonnes a month ago. 

 

Soymeal is a by-product of the extraction of soybean oil which is primarily used as poultry and livestock feed. Indian soymeal is non-genetically modified and considered rich in protein. End

 

Reported by Anjali Lavania

Edited by Deepshikha Bhardwaj

 

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