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16 Nov (Commoditiescontrol) Weak global demand and higher prices of soy meal in the international market dragged soymeal export from the country in October this year by 78% at 30,000.
Last year the country had exported 1.35 lakh tons during the same period. The reason for the sharp dip in soy meal export in October has been attributed to its higher prices in the international market compared to soymeal prices in the United States, Brazil and Argentina. DN Pathak, Executive Director, Soyabean Processors Association of India (SOPA), said, “Indian soymeal prices in the international market remain higher compared to the USA, Brazil and Argentina, leading to substantial fall in export demand.
Presenting supply and demand estimate of soybean and soymeal for the year 2021-22, the SOPA Executive Director said that due to weak domestic and export demand, production of soymeal in the country in October this year dropped by 37% at 4.79 lakh tons, compared to 7.58 lakh tons during the same period last year. Domestic consumption of soymeal for feed however, saw a marginal rise in October at 5.50 lakh tons as against 5 lakh tons last year, while domestic consumption of soymeal for food rose to 0.75 lakh tons against 0.55 lakh tons during the same period last year. Soybean crushing in the country in October this year also declined to 6 lakh tons against 9.50 lakh tons last year.
According to SOPA, the soymeal production in the country for the year 2021-22 has been pegged at 73.43 lakh tons, while its export has been pegged at 12 lakh tons. Similarly, consumption of soymeal for feed and food for the year 2021-22 has been pegged at 58 lakh tons and 8 lakh tons respectively.
The SOPA in its latest S&D report has projected soybean production in the country at 118.89 lakh tons for the year 2021-22
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