Soymeal export forecasts were cut by a fifth to 14 liters due to weak world market prices.

With India’s soybean meal overpriced amid falling global prices, the trade cut its export forecast for the 2023-2024 oil year ending in September by more than a fifth. “The export outlook for soybean meal for the rest of this marketing year looks a bit pessimistic as we are overpriced in the international market. Therefore, we have reduced the estimated export of soybean meal from 18 lakh tonnes (liters) to 14 liters from October 2023 to September 2024, said D N Pathak, Managing Director of Soybean Processors Association of India (SOPA).

Soybean meal prices in India are expensive compared to other source countries at around USD 80-100 per tonne FOB level. The backlog of orders has been affected due to the price difference, Pathak said. However, the export of soy milk was slightly higher in October-January 2023-2024, 6.09 liters compared to 5.68 liters in the same period last year. However, demand in the domestic market was weak, as sales in both the food and nutrition sectors were lower than last year.


The consumption of soy flour in the food sector was 24 liters in October-January, 25 liters in the same period last year. Consequently, the production of the food sector decreased by 4 liters by 3 liters in the same period of last year. Due to weak demand, soybean crushing was slower and less than last year. Crushing of soybean meal fell to 42.5 liters in October-January compared to 45.5 liters in the same period last year. At the same time, market revenues were higher in this period, 62 liters compared to 61 liters in the same period last year. Production of soy flour was lower – 33.54 liters (36.32 liters). Due to weaker crushing demand, soybean prices fell below the MSP level of ₹ 4,600/quintal. Soybean modal prices at various mandis in Madhya Pradesh ranged between ₹ 3,800 and ₹ 4,580 per quintal on Monday.

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