In October from the month of September, The exports of Soybean meal saw a rise of over 55%. According to SOPA (Soybean Processors Association of India), as the prices have come down and demand has increased in the South-east Asian grocery store, so this has gone on.
Nevertheless, the soybean meal exports and the value-added products of soy were at 19139 tonnes in October 2016 with a decline of 54.5% from 42,104 tonnes in October 2015.
For Indian soy meal, Japan, Myanmar and Kenya are the leading buyers. Major shipments of the Indian soy meal go to the East and South Asian nations as they are near and find booking small containers better.
The executive director of SOPA, D N Pathak said that as the productions are good and prices are low so the exports were anticipated to be high. Indian and international soybean meal price gap have come down to $15 per metric tonne to $20 per metric tonne from $40 per tonne in the beginning.
Because of higher costs of soy meal in the world market, Industry experts said that the downfall in soybean exports for the last twosome of years. This season in India, ss the production of soybean, is higher, its price will under control and will make Indian soy appealing to the global market.
In November, according to experts, the new season’s soy will enter the market, so the prices may decline. Experts from SOPA had earlier sounded out that soybean exports will be more than 1.5 -2 metric tonnes (Mt). The reason for a good crop this season is A good monsoon in the soybean-producing region.
Soy meal export during April-October 2016 was 94,871 tonnes that showed a decline of 61% from
Agreeing to a research made by SOPA and has revised area used for producing to 109 lakh hectares from 116 lakh hectares last year. From the previous 108.79 lakh tonnes, The forecast of production has been increased to 114 lakh.
Soybean crop has fallen to 54 lakh hectares from 59 lakh hectares a previous year in In Madhya Pradesh. From earlier 55.86 lakh tonnes to 57.16 lakh tonne, Production forecast for the state has been increased. Last year, Madhya Pradesh contribution in soybean crop was 34 lakh tonne. The soy crop area in Maharashtra was counted at 35 lakh hectares from 39 lakh hectares last year. The harvest estimate from Rajasthan is 9.49 lakh tonnes on an expanse of 9.8 lakh hectares. During the final year, the crop was 8 lakh metric tonne with an area used at 11 lakh hectares.