COOIT bullish on soyoil production

India’s soyoil production in 2008-09 (November-October) is likely to be about 1.5 million tonnes (MT), slightly higher from 1.44 MT a year ago, as soybean output this year is expected to be good, said Davish Jain, president, Central Organisation for Oil Industry and Trade (COOIT).

“Assuming soybean crop to be 10 MT this year, I see availability of soyoil at 1.5 MT,” Jain said. In 2007-08 (October-September), soybean output was 9.46 MT, sharply up from 7.96 MT a year ago, according to COOIT.

Soybean production in current year is likely to be higher from last year due to rise in area under cultivation, Jain said. According to preliminary estimates of COOIT, soybean output is seen at 10.7 MT this year and the organisation will give out revised estimates of the Kharif oilseeds Sunday.

“Export of soymeal in 2008-09 (October-September) is expected to be almost the same as last year at 5 MT but realisation from the export would be lower due to fall in prices. In value terms, it is seen at around $1.5 billion,” Jain said.

However, depreciation of rupee against dollar will provide some support to exporters, he said.