Soyabean estimates in India for 2021/22 have been lowered due to delayed and erratic rain, World Grain quoted from a US Department of Agriculture (USDA) Foreign Agricultural Service (FAS) report.
However, production totals were still slightly higher than last season, according to the 9 September report.
Production was estimated at 10.8M tonnes, up from 10.45M tonnes the previous year, the report said.
The soyabean planted area in Madhya Pradesh was 10% lower compared with the same period in the previous year, while the national average yield was estimated at 0.885 tonnes/ha, slightly below last year’s level but close to the five-year average.
Domestic soyabean market prices had rallied above the minimum support price (MSP), peaking above US$1,344/tonne in mid-July, the report said. As a result, the FAS had revised its export estimates for 2020/21 to 100,000 tonnes, and the 2021/22 export forecast lowered to 200,000 tonnes to account for the lack of competitiveness of Indian soyabeans in the global market.
The Indian government had approved a 1.2M tonne quota for soyabean meal derived from genetically modified soyabeans on 25 August to address high animal feed prices impacting the industry, World Grain wrote.
Total oil meal exports in the October 2020 to July 2021 period rose 80% over the same period last year, with soyabean meal exports alone climbing 168%, according to the report.