COVID-19, Global Shutdown Take A Toll On Soymeal Export, Crushing

Indore (Commoditiescontrol) : The global lockdown on account of COVID-19 has severely impacted poultry and soy processing industries in India.

According to supply and demand estimates provided by the Soybean Processors Association of India (SOPA) here on Sunday, soymeal exports from the country for the year 2019-2020 reduced by 1 lakh ton to 6 lakh tons. During the same period, crushing reduced by 8.5 lakh tons to 69 lakh tons, while domestic meal consumption reduced by 5 lakh tons to 45 lakh tons. At the same time carry over soybean stock increased to 13.26 lakh tons at the end of September 2019.

According to SOPA chairman Dr. Davish Jain and Executive Director, D N Pathak, the total arrival of soybean in the country from October 2019 to April 2020 was recorded at 60.45 lakh tons against 81 lakh tons during the same period last year. Similarly, crushing of soybean during the period October 2019 to April 2020 declined to 44.20 lakh tons from 64 lakh tons during the same period last year. Production and export of soymeal from the country have also witnessed a sharp fall on account of abysmally weak domestic and export demands. As per the estimates provided by the SOPA, soymeal production in the country during October 2019 and April 2020 declined to 35.80 lakh tons against 51.84 lakh tons during the same period last year. Similarly, soymeal export during October 2019 to April 2020 declined sharply to 3.89 lakh tons from 17.64 lakh tons last year during the same period last year.