India may import 64% less soybeans by 2022-23: report

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Import from India: Due to expectations of increased domestic production, India’s soybean import is estimated to fall 64% to 2,000 tonnes in the 2022-23 season, according to industry group SOPA. According to the report, during the 2021-22 growing season (October-September), the nation imported 5.55 lakh tonnes of soybeans.

According to the Soybean Processors Association of India (SOPA), domestic soybean production is expected to increase to 120.40 lakh tonnes in the 2022-23 season from 118.89 lakh tonnes in the previous season. Even the waste stock has increased from 1.83 lakh tonnes to 25.15 lakh tonnes.

According to the industry association, total soybean availability forecast for this season is 147.55 lakh tonnes, up from last season’s 126.27 lakh tonnes.

Around 100 lakh tonnes of the total soybean would be available for crushing this season, compared to 84 lakh tonnes in the previous season, in 2021-22.

In the current season, it was pointed out, an estimated 13 lakh tonnes will be set aside for sowing, 4 lakh tonnes for direct consumption and about 1 lakh tonnes for export. As of November 1, there were 124.05 lakh tonnes of soybeans with farmers, traders and plants.

The country’s import of soybean meal, which is used as animal feed, has been pegged at zero this season, down from 6.45 lakh tonnes in the 2021-22 season, while exports are expected to increase to 82 lakh tonnes from 73 lakh during the same period. period

According to SOPA, the total estimated production of soybean meal for the 2022-2023 season is 79.82 lakh tonnes, up from 67.05 lakh tonnes in the previous year.



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