Timely Rains Boost Soybean Crop Prospects
They said Madhya Pradesh, which accounts for nearly 75 per cent of the countrys total soybean acreage and production, had been receiving the crucial rains.
Late September and early October rains are very crucial for the crop, said V N Shroff, secretary-general of the Soybean Processors Association of India (SOPA).
Shroff said he would estimate the improvement in production at 8.0-10 per cent because of the latest rains.
He estimated 1996/97 crop to be around 4.4 million tonnes compared to an earlier anticipated 4.0 million and against 4.2 million in the previous year.
Sowing took place in an area of 5.0 million ha for the 1996/97 crop, up from 4.8 million in the previous year.
Madhya Pradesh reported a marginal rise in acreage to 3.74 million hectares in 1996/97 from 3.69 million in the previous year.
Shroff said most of the soybean crop area in Madhya Pradesh had received adequate rains in the past week.
Weather conditions are very favourable, he said.
Traders said exports of soymeal will also improve with the anticipated rise in the 1996/97 production.
Indias soymeal exports in 1995/96 are estimated at 2.4 million tonnes worth Rs 17.50 billion ($491 million), up from the previous years 2.63 million tonnes valued at Rs 10.27 billion.
The four-month June-September monsoon season began disastrously for the soybean crop in Madhya Pradesh with the rains arriving nearly 20 days late, delaying its sowing.
Then followed heavy rains in July causing floods and triggering fears of severe crop losses and a shortfall in production and consequently soymeal exports.
According to SOPA, the delayed sowing had led to the pruning of the targeted acreage of 5.47 million hectares for the 1996/97 season to 5.0 million.
Traders said fair weather in August and September had repaired the damage wrought by the floods and vastly improved the crop prospects.
Traders said the delayed sowing of the crop will result in its late arrivals by about 10 days to markets. Normally the new crop starts arriving by late October and early November.