2023-06-12 10:22:39
Stocks of soyabean with farmers, crushing units, and trade as of June 1, 2023, the start of kharif planting season, stood at 59.58 lakh tonne (lt), up around 13 per cent over the same period last year (52.83 lt), according to estimates by trade body Soyabean Oil Processors Association (SOPA).
In its latest supply and demand estimates, SOPA said the market arrivals during the October-May period of oil year 2022-23 were 91 lt as compared to the previous year’s 70 lt. Crushing of soyabeans till May was up 38 per cent at 77 lt (55.75 lt).
Also read: Customs duty and cess waived on crude soyabean and sunflower seed oil till June 30
SOPA had estimated the 2022-23 crop at 124.11 lt (118.89 lt). Including the higher carried forward stocks of 25.15 lt, the total availability of soyabeans for oil year 2022-23 stood at 149.26 lt (120.72 lt). The carry forward stocks of soyabean for the next oil year 2023-24 starting October are estimated to be higher at 31.51 lakh tonnes, SOPA said.
Soyameal production
The production of soyameal during October-May period was up 39 per cent at 61.85 lt(44.50 lt). Exports of soyameal during this period were up 176 per cent at 14.53 lt (5.26 lt), while the domestic offtake from the feed sector was higher by 9 per cent at 42.50 lt (39 lt). Also, the consumption of soymeal by the food sector is estimated higher at 6.25 lt (5.25 lt). SOPA sees the production of soyameal during oil year 2022-23 to be higher at 83.81 lt(67.05 lt).
Vietnam has been the largest buyer of Indian soyameal during the October-May period of oil year 2022-23 at over 4.93 lt, followed by Bangladesh at 2.17 lt, and Nepal at 89,528 tonnes.
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