In the 2023-24 oil year, soybean carried stocks are at a record 32.26 liters.

Soybean shipments for India’s 2023-24 oil year were a record 32.26 lakh tonnes (lt) in October, up 28 percent from last year. According to the Soybean Processors Association of India (SOPA), this is mainly due to higher-than-expected imports and an increase in domestic production despite an increase in soybean meal exports. The 2022-23 oil year began with large supplies of 25.15 liters (1.83 liters in the corresponding period last year), while the domestic annual harvest was estimated at 124.11 liters (118.89 liters). The annual import was changed to 7 liters (5.55 liters). 

 Quantity of soybeans for the market 22.10.-23.8. was estimated at 112 lt (88 lt) and crushing during that period was 100 lt (77 lt). Excluding direct use and exports,  stocks of plants, traders, and farmers stood at 38.70 liters (32.17 liters) on September 1. “Looking at the soybean import scenario, we have increased the soybean import for the 2022-2023 oil year to 7 liters from 5.5 liters. Due to the good demand for soybean meal in the export and domestic market, we have increased the export of soybean meal from 17, 5 liters to 18 liters. Domestic feed consumption is estimated to be higher by 8 liters from 7.5 liters and farm feed consumption from 60 liters to 61 liters. As a result, we have increased soybean crushing from 105 liters to 106.50 liters,” said SOPA CEO DN Pathak.

 Late arrival 

  SOPA  recently said that due to late and irregular rains during sowing, the arrival of the new crop is likely to be delayed by about two weeks. Crop condition is normal in most  of the growing regions of the country after recent extensive rains.

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