Crushing of 120 lakh tonnes of soybean in the marketing season of 2023-24

21-Oct-2024 07:08 PM

Indore. Data from the Soybean Processors Association of India (SOPA) shows that during the entire marketing season (October-September) of 2023-24, 120.50 lakh tonnes of soybean was supplied to the mandis of major producing states, out of which 120 lakh tonnes were crushed-processed.

Apart from this, 4.50 lakh tonnes of soybean was directly used domestically and 12 thousand tonnes were exported.

Last year (in 2022-23), 116 lakh tonnes of soybean arrived and 115 lakh tonnes were crushed, while 4 lakh tonnes were directly used domestically and 22 thousand tonnes were exported.

According to the annual report of SOPA, during the marketing season of 2023-24, compared to 2022-23, the previous outstanding stock of soybean fell from 25.15 lakh tonnes to 24.07 lakh tonnes, production fell from 124.11 lakh tonnes to 118.74 lakh tonnes and imports slipped from 7.03 lakh tonnes to 6.25 lakh tonnes.

Out of this total stock, 13 lakh tonnes of stock was kept reserved for the next sowing and after this the total availability for marketing decreased from 143.29 lakh tonnes of 2022-23 season to 136.06 lakh tonnes.

After the full consumption quantity, a surplus stock of 11.44 lakh tonnes of soybean remained with farmers, millers and traders on 30 September 2024,

which is less than half of the stock of 24.07 lakh tonnes available on 30 September 2023. It is understood that due to decrease in production and increase in crushing, there was a huge decline in soybean stock.

According to SOPA, as far as soymeal is concerned, its previous outstanding stock decreased from 2.47 lakh tons to 1.17 lakh tons, but due to more crushing of soybean, its production increased from 91.79 lakh tons to 94.69 lakh tons.

Similarly, the export of soybean DOC through sea and land route also jumped from 18.36 lakh tons to 21.28 lakh tons. Import of soybean meal from abroad slipped from 27 thousand tons to 25 thousand tons and its use in feed manufacturing fell from 67 lakh tons to 66 lakh tons.

Consumption of soymeal for food purposes remained at last year's level of 8 lakh tons. On October 1, 2024, a surplus stock of 83 thousand tons of soymeal was left, which was less than last year's outstanding stock of 1.17 lakh tons.

The marketing season for the new soybean crop has formally started from 1 October 2024 and now there is a huge supply of it in the markets.