A big cause of fear, impaired demand in soybean imports
Due to weak demand, the country is likely to decline in soybean imports in the year 2024-25. Based on the existing trend so far, the Soybean Oil Processors Association (SOPA) has reduced the oil to one lakh tonnes in the year 2024-25 oil in the year, which was 6.25 lakh tonnes last year. This information is provided about soybean in the latest supply demand report released by Sopa. India mainly imports soybeans from Togo, Nigeria, Niger, Mozambique and Tanzania.
What does Sopa’s new report tells
According to the latest supply demand released by the Hindu business range on the side of Sopa, soybean imported 0.02 lakh tonnes during the October-March period of October 2024-25, compared to 5.06 lakh tonnes a year ago. In a statement, Sopa Executive Director DN Pathak said in a statement, “In view of the soybean import sample, we have reduced the import of oil from 3 lakh tonnes to 3 lakh tonnes per year 2024-2025 per year.”
Crush also declines
Earlier, Sopa had estimated the import of 3 lakh tonnes of soybean. India allows for the import of genetic revised (non -GM) soybean. In 2024-25, demand decreasing in demand is likely to decline in soybean imports. During the October-March period of the October-March, the arrival in the market declined to 72 lakh tonnes in the market compared to 77 lakh tonnes last year, and the crushing fell to 60.50 lakh tonnes last year, which was 67.50 lakh tonnes last year.
Now how much is the stock
The plant, commerce and farmers have 38.51 lakh tonnes of stocks. Also, government agencies like Nafed and NCCF have a stock of 20 lakh tonnes. Soyamle production is 47.74 lakh tonnes (53.26 lakh tonnes). During this period, the domestic food sector was stable at 4.35 lakh tonnes, while the demand for the feed sector was 32.5 lakh tonnes (35 lakh tonnes). Soyamle’s export also declined during the October-March 2024-25 period. Exports fell 17 per cent to 11.12 lakh tonnes and 13.47 lakh tonnes last year.
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Which countries have bought
At the same time, in this oil year, Germany and France’s largest buyers of Indian Soyami are 1.53 lakh tonnes and 1.44 lakh tonnes respectively. Nepal is third with a size of 1.16 lakh tonnes.
