India’s soyabean carryforward stocks for oil year 2023-24 starting October are seen at a record 32.26 lakh tonnes(lt), an increase of 28 per cent over same period last year. This is mainly on account of higher than expected imports and increased domestic output despite higher export of soyabean meal, according to the Soyabean Processors Association of India (SOPA).
The oil year 2022-23 started with high carryforward stocks of 25.15 lt (1.83 lt in the same period previous year), while the domestic crop during the year was estimated at 124.11 lt (118.89 lt). Imports during the year were revised at 7 lt (5.55 lt).
Total market arrivals of soyabean during Oct 22-Aug 23 were estimated at 112 lt (88 lt) and the crushing during this period was 100 lt (77 lt). Excluding the direct use and exports, the stocks with the plants, traders and farmers as on September 1 stood at 38.70 lt (32.17 lt), SOPA said. ‘Looking at the soyabean import scenario, we have revised upwards the soybean import for oil year 2022-2023 to 7 lt from 5.5 lt. Due to good demand of the soyabean meal in the export and domestic market, we have revised upward the export of soya meal to 18 lt from 17.5 lt. The domestic consumption in food is estimated to be higher at 8 lt from 7.5 lt and domestic consumption in feed is pegged higher at 61 lt from 60 lt. Resulting which, we have increased soyabean crushing to 106.50 lt from 105 lt,’ DN Pathak, Executive Director, SOPA said.
SOPA had recently said the arrival of the new crop was likely to be delayed by about a fortnight on account of delayed and erratic rainfall pattern witnessed during the sowing season. The crop condition is normal after the recent widespread rains in most part of the growing regions in the country, it said.
This article has been republished from The Hindu Business Line