By | PR Desk
Thane: According to Suresh Bhai Thakkar, Vice President of the Confederation of All India Traders (CAT) and President of the Thane District Wholesale Traders Welfare Federation, India’s soybean meal export is anticipated to increase significantly. The Soybean Processors Association of India (SOPA) has revised its estimate, projecting 1.85 million tons of soybean meal exports for the current oil year, up from the earlier estimate of 1.7 million tons.
This represents an 8.8% increase in soybean meal exports compared to the previous estimate, despite a decline in exports during July. SOPA expects soybean crushing to rise to 11.3 million tons, up from the earlier estimate of 11 million tons. However, the carryover stock for the oil year 2024-25 is expected to be lower at 0.894 million tons compared to 2.407 million tons in 2023-24.
The surge in soybean meal exports can be attributed to better-than-expected performance in recent months, according to commodity experts. Despite this, the exports might still be lower than the previous oil year. The increase in soybean crushing and exports is expected to benefit the industry, particularly with India’s growing demand for edible oils. India has emerged as a key buyer of Ukrainian soybean oil, with imports reaching 36,700 tons in the 2024/25 marketing year.
The anticipated surge in soybean meal exports and increase in soybean crushing are positive indicators for the Indian soybean industry. With the country’s growing demand for edible oils and its emergence as a significant player in the global soybean oil market, the industry is poised for growth. The revised estimates by SOPA reflect a positive outlook for the industry, and stakeholders are optimistic about the future prospects of soybean meal exports. Overall, the Indian soybean industry is expected to benefit from the increasing demand for edible oils and the growing importance of soybean meal exports.
