A jump in demand for Indian soyabean meal from Iran and UAE is seen pushing up exports for the oil year 2023-2024, said a trade body upward revising the total export estimate of soyabean from India by 1.5 lakh tonne.
Soyabean Processors Association of India (SOPA) has upward revised the export of soyabean meal in the ongoing oil year as against its earlier estimate of 18 lakh tonne exports from India.
“Export estimates increased by 1.5 lakh tonne in view of higher exports to Iran and UAE,” the trade body said in a statement.
Soyabean meal exports from India in June stood at 1.36 lakh tonne as against 1.18 lakh tonne in May, data compiled by SOPA showed. Meal exports in the same period a year ago was 81,000 tonne.
In June, Iran bought 33,000 tonne, France 22,000 tonne and UAE 17.7 tonne of soyabean meal from India, according to SOPA.
During October 2023-June 2024, 17.8 lakh tonne soyabean meal was exported from India, up by 16 lakh tonne in the corresponding period a year ago.
The trade body also revised its estimates for soyabean crushing and domestic use of soyabean meal in feed. “Looking at the soybean meal demand in the domestic market, we have reduced soyabean crushing and use of soybean meal in feed by 2 lakh tonne each, because of increased use of dried distillers grains with soluble (DDGS) and other alternative sources of protein in poultry feed,” said SOPA in a statement.
Madhya Pradesh is a leading soyabean cultivation state and is home to several leading soyabean meal exporters. Farmers in Madhya Pradesh have cultivated soyabean on around 51 lakh hectare in 2024 kharif season, according to the trade body.