The soybean market in India has seen a decrease in arrivals in the first two months of the current marketing season (October-November 2024), with approximately 34 lakh tonnes of soybean arriving at major producing state markets.

This is 6 lakh tonnes lower than the 40 lakh tonnes that arrived during the same period last year. The reduced arrivals are attributed to weak market prices, which led to farmers being less motivated to sell their soybeans.

Out of the total 34 lakh tonnes that arrived, about 19.50 lakh tonnes were crushed, 95,000 tonnes were directly consumed, and 2,000 tonnes were exported.

On December 1, 2024, the remaining soybean stock with farmers, traders, and oil millers stood at 101.29 lakh tonnes, compared to 105.68 lakh tonnes on the same date last year, when 23.50 lakh tonnes were crushed, 75,000 tonnes were consumed directly, and 2,000 tonnes were exported.

The Soybean Processors Association of India (SOPA) estimates that domestic soybean production for the current season will increase to 125.82 lakh tonnes, up from 118.74 lakh tonnes last year.

However, the initial stock is expected to decrease from 24.07 lakh tonnes last year to 8.94 lakh tonnes this year. This will lead to a decrease in total soybean availability from 142.81 lakh tonnes to 134.76 lakh tonnes.

SOPA also projects a decrease in soybean imports, from 6.25 lakh tonnes last season to 3 lakh tonnes this year. Approximately 13 lakh tonnes of soybean will be kept in reserve for sowing, and the remaining 124.76 lakh tonnes will be available for crushing and processing. As for exports, SOPA estimates that 2.41 lakh tonnes of soymeal were exported in October-November 2024.