Soybean meal exports more likely to cross 18 lakh tonne this season

Soybean costs have crossed Rs 6,500-7,000 per quintal in key markets in Maharashtra and different states.

India exported round 16 lakh tonne of soybean meal between October 2020 and January 2021 due to robust international demand, and is more likely to cross the 18-lakh-tonne export mark this season, based on prime officers on the Soybean Processors Affiliation of India (SOPA).

Davish Jain, chairman of SOPA, stated the 2020-21 season has been historic for soybean as a result of farmers have acquired hefty returns on their crop. Soybean costs have crossed Rs 6,500-7,000 per quintal in key markets in Maharashtra and different states. Talking at an trade meet on soybean, Jain stated getting greater costs will definitely encourage farmers to extend the acreage beneath soybean farming within the coming yr. “Therefore, I don’t subscribe to the demand made by the poultry affiliation for import of 12 lakh tonne of soybean. Giving a lift to home farming as an alternative will probably be within the curiosity of soybean farmers, soybean meal customers and processing industries and it’ll arrest the uptrend in soybean costs. This may even lead to an increase in demand from the poultry and aquaculture trade.”

The poultry trade has sought a duty-free import of 12 lakh tonne of soybean to satisfy its demand. Based on Jain, the poultry and aquaculture trade wants 50 lakh tonne of soybean meal yearly. “To supply this, soybean processors want 65 lakh tonne of soybean seeds. Nonetheless, amid the historic rise of soybean costs within the nation this yr and subsequent rise in soybean meal costs which has risen by nearly 50%, from Rs 35 per kg to Rs 58 per kg, the demand for soybean meal from the poultry trade has declined,” he defined.

Nonetheless, opposite to declining demand for soybean meal for feed, export of soybean meal has recorded a pointy rise in comparison with the earlier yr, Jain stated. “Manufacturing of soybean meal between October 2020 and March 2021 rose to 46.69 lakh tonne, towards 26.21 lakh tonne final yr. Equally, soybean meal exports this yr until March (within the first 9 months) rose to fifteen.9 lakh tonne, towards 4.23 lakh tonne throughout the identical interval final yr,” he identified.

“This yr, the manufacturing of soybean has been nearly 104 lakh tonne and this may give 93.5 lakh tonne for crushing after appropriating shares for sowing and shares retained for different direct consumption,” Jain stated.

The residual meal ought to suffice for the home trade after 18 lakh tonne of exports, he stated. SOPA has pegged consumption for the feed trade at 27 lakh tonne for first six months and 23 lakh tonnes for the following six month.

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