India’s Soybean Supply Skyrockets! Will The Upcoming Harvest Season Push The Growth Forward?
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India’s soybean supply has remained steady with an estimated 7 million tons recorded in April 2023 alone. The total supply between October 2022- April 2023 reached 84 million tons, up 27% from the previous year. Crushing of soybeans also increased by 45.9%, with 71.5 million tons processed in the same period. Additionally, farmers, mills, and stockists have 64.88 million tons in stock. With the next harvest set to begin soon, there is enough stock for the next five months, and a carryforward is also expected. In this article, let’s have a look at current scenario of Indian soybean industry.
Production & Exports
- Revised Estimate– In April 2023, the Soybean Processors Association of India (SOPA) predicted the supply and demand volume for the 2022-2023. The estimated production for the kharif season has been revised from 120.395 million tons to 124.110 million tons.
- Increased Exports- Production is expected to reach 11.8 million tons in 2022-23, with exports reaching 154.8 lakh tons. Soybean meal exports saw a significant increase, with 13.78 lakh tons exported from October to April, 174% more than the previous year. Vietnam and Bangladesh showed good demand for soybean meal, leading to a rise in exports. Soybean arrivals at mandis reached 84 lakh tons, up from 66 lakh tons the previous year. Current crushing estimates stand at 105 lakh tons, surpassing the initial estimate of 100 lakh tons.
OFB’s Insight
As we approach the upcoming harvest season, we can expect a steady supply in India. The increase in production and crushing indicates a positive outlook for the industry, with a potential carry-forward of stock for the next few months. SOPA predicts that soybean imports, which were 2 lakh tons last year, could rise to 5 lakh tons. Overall, the market in India appears to be stable and ready for the upcoming harvest season.
Read more: Unpredictable Fluctuations And Natural Disasters: What’s Happening In Indian Kabuli Chana Market?
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