Indore (Commodities Control) - Amidst gloomy export prospects for Indian soymeal which has witnessed a sharp decline this year, the Soybean Processors Association of India has projected a better prospect of soymeal for feed and food in the domestic market. Besides it has also indicated a rise in the crushing of soybean this year because of improved domestic soymeal in the poultry sector.
In its latest S&D report, the SOPA has revised crushing of soybean in the country for the oil year 2019-2020 from 70 lakh tons to 73 lakh tons. Similarly the estimated domestic consumption of soybean meal (feed) for 2019-2020 has been revised to 47 lakh tons from 45 lakh tons. Meanwhile domestic consumption of soybean meal for food has been projected higher at 6 lakh tons from 5.5 lakh tons during the same period last year. The export of soybean, on the other hand, for the oil year 2019-2020 has been revised downwards from 1 lakh tons to 70,000 tons.
According to SOPA's latest report, soymeal production in the country this year has declined sharply by 15.64 lakh tons to 50.38 lakh tons as compared with 2018-19.
Soymeal export during the same period has also witnessed a sharp decline. Compared to 2018-19, soymeal export has dropped 70% for October 2019 to July 2020 at 6.08 lakh tons.
The crushing of soybeans in the country this year has also declined sharply. As against the crushing of 81.50 lakh tons of soybean in the country last year (October 2018- July 2019), the same this year (October 2019 to July 2020) has declined to 62.20 lakh tons, a fall of 19.30 lakh tons.
Similarly, export of soybean from the country this year has fallen to 60,000 tons against 1.59 lakh tons. According to SOPA's report, the arrival of soybean in the country this year till July 2020 was recorded at 72.45 lakh tons against 94.25 lakh tons previous year.
Dr D N Pathak, Executive Director, SOPA says “higher prices of Indian soy meal is the prime reason for falling export of soy meal from the country. As against Indian soy meal, soymeal prices at the international level cost $100 cheaper, thereby making Indian soymeal unviable at the international level”.
He also attributed decline in crushing of soybean within the country, to falling demand for Indian soymeal at the international market.
(Commodities Control Bureau)
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