INDORE: Surge in demand for Indian soybean meal from Iran and the UAE is likely to boost exports for the 2023-2024 oil year, said an industry body which revised upward its total soybean export estimate from India by 150,000 tonnes. The Soybean Processors Association of India (SOPA) has revised upward its estimate of soybean meal exports for the current oil year from India from its earlier estimate of 1.8 million tonnes. “Taking into account rising exports to Iran and the UAE, the export estimate has been increased by 150,000 tonnes,” the industry body said in a statement. Soybean meal exports from India in June stood at 136,000 tonnes against 118,000 tonnes in May, according to data compiled by SOPA. In the same period last year, soybean meal exports stood at 81,000 tonnes. Iran, France, 22,000 tonnes and UAE, 17.7 tonnes of soybean meal were purchased from India in June, according to SOPA. Between October 2023 and June 2024, 1.78 million tonnes of soybean meal will be exported from India, up 1.6 million tonnes from the same period last year. The trade body also revised its estimates for soybean crush and domestic use of soybean meal for feed. “Looking at the domestic market demand for soybean meal, there has been a decline of 200,000 tonnes each in soybean crush and use of soybean meal for feed due to shift towards use of DDGS (dried distillers grains soluble) and other alternative protein sources in poultry feed,” SOPA said in a statement. Madhya Pradesh is a major soybean growing state and has several major exporters of soybean meal. According to the trade body, farmers in Madhya Pradesh are cultivating soybean on around 5.1 million hectares for the 2024 kharf season. tnn
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