SOPA cuts forecasts for India’s soybean crushing, meal consumption

The Soybean Processors Association of India has cut its forecast for soybean crushing in marketing year 2021-22 (October-September) by 9% to 8 million mt and its domestic meal consumption estimate to 5.4 million mt from 5.6 million mt.

The outlooks have been lowered due to an estimated 75% year-on-year rise in meal imports to 0.7 million mt, SOPA said.

The overall crushing of raw beans up to May 31 was down 29% year on year to 5.3 million mt, though May alone was up 16% to 0.7 million mt.

Despite a slight recovery in May, farmers were likely to continue hold the major part of their crop in anticipation of better prices, market sources said.

However, import orders for GM soybean meal have further dampened domestic prices for soybean and its derivative, which might extend the period of hoarding and production of derivatives going forward, the sources said.

Meanwhile, soybean meal exports up to May 31 in MY 2021-22, were down 69% to 0.45 million mt, leading to a production decline of 29% to 4.23 million mt.

While soybean imports increased 77% to 310,000 million mt, meal derivative purchases jumped to 450,000 million mt from 12,000 mt.

In May, the government approved the import of 550,000 mt GM soymeal by Sept. 30 to help the domestic poultry industry combat high feed prices.

Tags: soybean, forecast, meal, Market, crushing, consumption, The Soybean Processors Association of India, exports, импорт, prices, estimate