India is expected to have a rich soybean crop this year
The increase in production allowed Indian soybeans to become competitive on export markets.
India’s soybean production looks very promising this year, up 6% to 12.6 million tons for the kharif (winter) season (May-January). Favorable weather allowed for a higher harvest this year, despite the fact that the sown area remained unchanged. The increase in production allowed Indian soybeans to become competitive in export markets, increasing the country’s exports by 16% in 2023/2024.
The Soybean Processors Association of India (SOPA) reported that soybean exports in the period from October 2023 to September 2024 reached a record 2.12 million tons. Last season, the exports amounted to only 1.83 mln tons. The export demand mostly came from Iran, Bangladesh and Nepal, but SOPA expects the exports to decline from October, as the demand from Iran is expected to fall and the delivery routes are disrupted.
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