Removal of soybean meal from household food, food sectors fell in October-December.

Soybean meal supply to the domestic food and feed sector has been slow for the first three months of the 2023-24 oil year, starting in October. According to the latest estimates of the Soybean Processors Association of India (SOPA), the consumption of the fodder sector in October-December was 18.5 lakh tonnes (lt), less than 2.6 percent from 19 lt in the same period last year a year Therefore, the consumption of soy flour in the food industry was lower, 2 liters (3 liters).

The production of soybean meal also decreased in the reporting period to 25.65 liters (27.14 liters) due to less crushing. Exports were also slightly lower – 4.09 liters (4.19 liters).

However, the quantities arriving on the market increased to 52 liters by December compared to 50 liters a year ago. Soy crushers were lower at 32.5 liters (34 litres).

Crop Estimate

SOPA Executive Director DN Pathak said in a statement that supply and demand estimates are based on data collected from various sources, including government and business. SOPA estimated 118.74 liters for the 2023-24 crop. Together with the transfer reserves, the total volume of the harvest was 142.81 liters. Based on market returns and crushing data, SOPA estimates stocks held by factories, traders and farmers at 97 liters as of January 1, 2024, slightly down from last year’s 101.09 liters. Rising global supply and falling prices are affecting the domestic soybean market, with prices under pressure in recent weeks.

Ex-factory soybean meal prices in Indore are currently hovering around ₹ 39,500-40,000 per tonne, compared to ₹ 45,700-46,000 in mid-November. Similarly, Bedi/Kandla port FOR rates, which were at a seasonal high of ₹ 47,250-47,750 in mid-November, are now hovering in the range of ₹ 41,500-42,000. The modal prices of soybean fell by ₹ 3,700 to ₹ 4,541 per quintal across various almonds in Madhya Pradesh on Monday.

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