MUMBAI (Commoditiescontrol) - The country has received around 38 lakh tonnes of soybean up to December of current season (Oct 2016-Sept 2017), while stocks with farmers projected at 67.32 lakh tonnes from total supply of 105.32 lakh tonnes for marketing, according to The Soybean Processors Association of India.
The demand-supply drawn by SOPA indicates that country's 2016-17 soybean production likely at 114.91 lakh tonnes, while including carry over stock of 4.41 lakh tonnes total availability will be at 119.32 lakh tonnes and out of that 12 lakh tonnes will be retail by farmers for sowing.
The most surprising thing in the SOPA balance sheet was soybean meal export for December month, which is estimated at 2.41 lakh tonnes (sea-land route).
Total exports of oilmeal from October-December stood at 3.70 lakh tonnes, shaprly up from 1.08 lakh tonnes same period a year ago. The data is very encouraging as exports in the recent years has dropped significantly due to uncompetitive domestic rates in the international market.
However the exports during the current season is likely to much better than last couple of years due to robust production and parity in the international market.
Indian soybean meal in the international market was priced at $364 per tonne FAS Kandla Vs $374 Argentina CIF Rotterdam (Jan) on Thursday.
(By Commoditiescontrol Bureau; +91-22-40015533)
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