MUMBAI, 19 Oct (Commoditiescontrol):The latest Supply and Demand (S&D) report for Oil Year 2023-24 indicates a total soybean availability of 149.06 lakh tons, down from 156.29 lakh tons in the previous year. This includes a carryover stock of 24.07 lakh tons and an estimated production of 118.74 lakh tons, while imports are projected at 6.25 lakh tons, lower than last year's 7.03 lakh tons.
Soybean crushing is expected to rise to 120 lakh tons, reflecting increased processing activity. However, carry-forward stock is set to drop sharply to 11.44 lakh tons from 24.07 lakh tons, suggesting tightening supply conditions.
In the soybean meal segment, production is forecasted at 94.69 lakh tons, with exports climbing to 21.28 lakh tons, up from 18.36 lakh tons a year ago. Domestic consumption remains stable, with 8 lakh tons allocated for food use and 66 lakh tons for feed.
The decline in imports and carry-forward stock could exert upward pressure on prices in the coming months, especially if production encounters any setbacks. The increased crushing and higher export volumes underscore robust demand both in domestic and global markets, particularly for soybean meal, which continues to be a critical feed ingredient.
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(By Commoditiescontrol Bureau; +91 98201 30172)
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