India likely to import 64% less soyabean in 2022-23: Industry body SOPA

India's soyabean import is pegged lower by 64 per cent at 2 lakh tonnes in the 2022-23 season on prospects of higher domestic production, industry body SOPA said on Wednesday.

The country had imported 5.55 lakh tonnes of soyabean during the 2021-22 season (October-September), it said.

According to the Soybean Processors Association of India (SOPA), the domestic production of soyabean is estimated to increase to 120.40 lakh tonnes in the 2022-23 season when compared with 118.89 lakh tonnes last season.

Even the carry-over stock remains higher at 25.15 lakh tonnes as against 1.83 lakh tonnes in the previous year.

The total availability of soyabean is estimated at 147.55 lakh tonnes this season, higher than 126.27 lakh tonnes in the previous season, the industry body said in a statement.

Out of the total soyabean, about 100 lakh tonnes would be available for crushing this season as against 84 lakh tonnes in the previous 2021-22 season.

About 13 lakh tonnes are estimated to be retained for sowing, 4 lakh tonnes for direct consumption and about 1 lakh tonnes for export in the current season, it added.

As on November 1, 124.05 lakh tonnes of soyabean stock was with farmers, traders and plants.

In case of soyabean meal (used as animal feed), the country's import pegged at zero this season from 6.45 lakh tonnes in the 2021-22 season, while exports are expected to increase to 82 lakh tonnes as against 73 lakh tonnes in the said period.

Total soyabean meal production is pegged higher at 79.82 lakh tonnes during the 2022-23 season, as against 67.05 lakh tonnes in the previous season, SOPA added.