During the first three months of the oil year 2023–24, beginning in October, soya bean offtake by the domestic feed and food sector has been slow. The feed sector consumed 18.5 lakh tones (lt) during the October–December period, according to the most recent figures provided by the Soybean Processors Association of India (SOPA). This is a 2.6% decrease from the 19 lt consumed during the same period previous year. Likewise, soymeal usage in the food sector was less, at two liters (3 liters).Due to decreased crushing, soya meal production decreased as well, coming in at 25.65 lt (27.14 lt) throughout the time. Moreover, exports decreased slightly to 4.09 lt (or 4.19 lt).
Nonetheless, compared to a year earlier, the market arrivals up to December were 52 LT, as opposed to 50 LT. There was a decrease in soybean crushing at 32.5 lt (34 lt).
The supply and demand estimates.The crop for 2023–2024 is projected by SOPA to be 118.74 lt. The entire crop size, including carryover stocks, was 142.81 lt. SOPA projects the stockpiles with plants, traders, and farmers as of January 1, 2024 at 97 lt, slightly lower than the previous year’s total of 101.09 lt, based on the market arrivals and crushing statistics.
The domestic soybean market is being affected by increased global supplies and the price decline, as prices have been pressured in recent weeks.
As of mid-November, the exfactory rates of soyameal in Indore were approximately ₹45,700,46,000 per tonne. In a similar vein, the FOR prices at Bedi/Kandla port are currently circling at ₹41,500, 42,000 after reaching a seasonal high of ₹47,250,47,750 in mid-November. Additionally, on Monday, the modal prices of soybeans in Madhya Pradesh decreased and are now between ₹3,700 and 4,541 per quintal across different mandis.
