Mumbai, 11 Dec (Commoditiescontrol): India's soybean market trends for November 2024 reflect a balanced outlook, supported by increased production, reduced imports, and rising soybean meal exports, as per the latest Supply and Demand (S&D) report from the Soybean Processors Association of India (SOPA).
Key Supply Metrics:
Production: Soybean production for the 2024-25 oil year is estimated at 125.82 lakh tons, up 5.95% from 118.74 lakh tons in 2023-24.
Imports: Imports plummeted to 3 lakh tons from 6.25 lakh tons last year, signaling greater self-reliance.
Opening Stock: Carryover stock stood at 8.94 lakh tons, a sharp decline from 24.07 lakh tons in the previous year.
Demand and Utilization Trends:
Crushing: Crushing is forecast at 115 lakh tons, down from 122.5 lakh tons in 2023-24, reflecting muted domestic processing demand.
Exports: Soybean exports remain modest at 0.15 lakh tons, up from 0.12 lakh tons a year ago.
Soybean Meal Performance:
Exports of soybean meal jumped to 15.39 lakh tons during October-November 2024, driven by strong demand from key markets such as:
Nepal: 4.13 lakh tons
Kenya: 2.76 lakh tons
Bangladesh: 1.24 lakh tons
Export Port Activity:
JNPT and Kandla Ports: These key hubs handled 89,043 MT and 80,800 MT, respectively, accounting for over 70% of total soybean meal exports during the two-month period.
(By Commoditiescontrol Bureau; +91-9820130172)
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