New Delhi, September 6, 2024 – India's soybean production is projected to reach an all-time high of 12.9 million metric tons (MMT) for the marketing year (MY) 2024/2025, spurred by favourable monsoon conditions and an increased cultivation area, as reported by the USDA.
This growth in soybean production coincides with a notable increase in oil imports and robust oil meal exports, reflecting a dynamic shift in India’s agricultural sector. Additionally, the USDA report provided updates on the Kharif crop planting, indicating a strategic shift by Indian farmers toward crops with better market returns.
Key Points from the USDA Report:
Oil Imports: India’s oil imports are projected to rise significantly, with soybean oil imports expected at 3.7 MMT for MY 2024/2025. The report highlights a particular increase in palm oil imports, adjusted upwards to 9.6 MMT for MY 2023/2024, following a surge in July 2024 which marked the highest import rate since November 2022.
Oil Meal Exports: Soybean meal production is expected to increase to 9.4 MMT, driven by strong demand. This has bolstered India's position in the global market, with soy meal exports forecasted to grow, enhancing the country's export competitiveness.
Kharif Crop Planting: The USDA report also touches on the 2024 kharif planting season, noting early planting facilitated by timely monsoon rains. This has led to a significant increase in the area sown with soybeans and a decrease in groundnut planting, reflecting farmers' adaptations to climatic and economic factors.
Stock Levels and Consumption Trends: Ending stocks of soybeans are forecast at 1.3 MMT due to higher crushing rates. Soybean oil production is set to rise, reflecting higher domestic supplies.
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