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India's Oct-Sept Soymeal Exports Up 18.6% At 21.43 Lakh Tonnes: SOPA

17 Oct 2019 10:43 am
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NEW DELHI (Commoditiescontrol) - India's soymeal exports were at 0.34 lakh tonnes in September this year, down 61 percent from 0.87 lakh tonnes during the same month a year ago, according to the latest report by the Soybean Processors’ Association of India (SOPA).

Subdued demand from major buyers have hit the exports of the oilmeal, the report said.

However, in the year ended September, the industry body estimated soymeal exports at 21.43 lakh tonnes, up 18.6 percent from 18.07 lakh tonnes in the year-ago period.

Around 75.33 lakh tonnes soymeal was produced during Oct-Sept, up from 67.23 lakh tonnes last year.

In September, about 3 lakh tonnes of soybean arrived in the spot markets, against 4 lakh tonnes in the same period last year. During Oct-Sept, farmers brought 100.25 lakh tonnes of soybean at mandis, against 88 lakh tonnes in the same period a year ago.

Mills across the country crushed around 5.50 lakh tonnes of soybean in September, up from 5 lakh tonnes in the corresponding period last year. For Oct-Sept, 93 lakh tonnes of the oilseed was crushed, up from 83 lakh tonnes from a year-ago period, SOPA said.

At the end of September, soybean inventories with farmers, traders, and plant owners were at 2.20 lakh tonnes, the association said.

The Soybean Processors Association of India has estimated the 2018-19 (Oct-Sept) soybean output at 109.33 lakh tonnes.

The association has estimated last year’s carryover stocks at 1.5 lakh tonnes.

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