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For the 2024-25 oil year, soybean carry forward stocks are projected to fall sharply to 11.16 lakh tonnes, down from last year's 24 lakh tonnes. The Soybean Processors Association of India (SOPA) reports that crushing figures have risen to 113 lakh tonnes, but overall soybean availability is expected to be lower at 135.81 lakh tonnes compared to 143.29 lakh tonnes previously. Soyameal production and exports have increased due to strong demand, despite higher global prices. Currently, soybean prices are below the minimum support price at Rs.4,400 per quintal. The new crop is anticipated to hit the market in early October, with planting up slightly from last year.

Key Highlights

* Soybean carry forward stocks for 2024-25 are expected at 11.16 lakh tonnes.

* Crushing figures till August 2024 reached 113 lakh tonnes, up from 107.5 lakh tonnes last year.

* Soybean availability for crushing is estimated at 135.81 lakh tonnes, lower than 143.29 lakh tonnes last year.

* Soyameal production and exports have increased despite higher global prices.

Soybean carry forward stocks for the 2024-25 oil year, starting October, are projected to be around 11.16 lakh tonnes. This marks a significant decrease from the previous year's 24 lakh tonnes. According to the Soybean Processors Association of India (SOPA), the crushing of soybeans till August 2024 reached 113 lakh tonnes, a rise from 107.5 lakh tonnes a year earlier. Despite this, the total soybean availability, which includes imports, stands at 135.81 lakh tonnes, down from 143.29 lakh tonnes last year.

The production of soyameal during the October-August 2024 period saw an increase to 89.17 lakh tonnes from 85.80 lakh tonnes the previous year, supported by improved market arrivals. Exports of soyameal also rose to 20.77 lakh tonnes compared to 17.30 lakh tonnes last year. This uptick in exports is attributed to strong demand from key markets like Iran and Bangladesh, despite Indian soyameal being priced $100-150 per tonne higher than global competitors.

The new crop is expected to arrive in early October. As of September 6, soybean has been planted on 125 lakh hectares, up from 123.85 lakh hectares last year. The Indian government has recently approved the purchase of soybeans at MSP in several states, including Madhya Pradesh, Maharashtra, and Karnataka.

Finally

With lower carry forward stocks and fluctuating prices, the soybean market is poised for significant changes in the upcoming season.

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