Soyameal exports fell 64% between October and January due to lower crushing and price disparities, according to the Soyabean Processors Association of India (SOPA). Soyameal exports were 3.62 lakh tonnes (lt) in the first four months of the oil year 2021-22 (October-September), compared to 10.03 lt in the same period last year.
Domestic Consumption
Furthermore, domestic off-take from the feed sector fell by 5% to 20 lt ( 21 lt). Lower domestic demand could be attributed to cheaper soyameal imports made by the poultry industry in recent months. During the October-January period, the sector imported approximately 4.4 lt of soyameal, compared to 0.01 lt in the same period last year.
Furthermore, due to a decrease in soyabean availability, soyameal production has decreased by around 40%. Farmers, stockists, and traders are stockpiling soyabeans in anticipation of a price increase. This has resulted in lower soyameal production of 21.95 lt during October-January, compared to 36.72 lt during the same period last year.
Decline in Arrivals
According to DN Pathak, Executive Director of SOPA, arrivals at mandi and crushing have been lower than usual, owing to lower meal demand and crushing disparity.
Mandi soyabean arrivals during the period are estimated at 48 lt (64 lt) compared to the same period last year. Crushing was reduced to 27.5 lt (46 lt).
Surprisingly, domestic demand for soyabean meals has increased during this time period. The food segment has seen a 2.7 lt increase in offtake (2.1 lt).
Pathak claims that as a result of the pandemic, people have become more health-conscious and eat more soy products.
According to SOPA, the crop for 2021-22 is expected to be around 119 lt, up from 104.55 lt last year. The total crop, including carry-forward stocks and imports, is estimated to be 124.72 lt (115.19 lt). After accounting for sowing seeds, the total available for crushing is 112.72 lt (100.19 lt).
According to SOPA, farmers, stockists, and traders still had an inventory of 84.07 lt as of February 1. According to e-NAM data, modal soyabean prices in Madhya Pradesh and Maharashtra range between 4,596 and 6,800 per quintal.
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