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Indian soyabean production is likely to jump just over 10 percent in 2015 from a year ago to more than 10 million tonnes, boosted by ample monsoon rains, said an industry body. That should help the world's top importer of edible oils curb overseas purchases in the marketing year that starts in November, dragging on international prices.
It could also bolster India's exports of animal feed ingredient soyameal, which is made from soyabeans. "The soyabean area will remain steady this year, but productivity will go up due to good and timely rainfall," Pravin Lunkad, president of Mumbai-based industry body the Solvent Extractors' Association of India (SEA), told Reuters. "We are expecting 10 million tonnes plus this year compared to last year's 9 million tonnes."
The country's two top growing states, Madhya Pradesh in the centre and Maharashtra in the west, have received significantly higher rainfall than normal since the beginning of the four-month monsoon season on June 1, Lunkad said on the sidelines of an industry conference. That has helped farmers accelerate sowing in the states, which account for over 85 percent of total soyabean output. Lunkad said that a rise in soyabean production in 2015 could bring down local soyameal prices, making exports of the cattle feed feasible to South Asian countries and Iran.
Indian soyameal exports have plunged so far this year as prices remained way above global markets after a drought last year hit the earlier soyabean crop. The impact from that drought means that India's edible oil imports in the 2014/15 marketing year ending October could jump 12 percent to 13 million tonnes, Lunkad said, adding that cheaper palm oil prices had also stoked appetite.
"Like May, we will see higher imports even in June. Local oilseeds supplies are limited for crushing and we are expecting delayed shipments to land this month." India's edible oil imports hit a record 1.35 million tonnes in May. It mainly buys palm oil from Indonesia and Malaysia, with soyaoil from Argentina and Brazil. Lunkad also said that the groundnut area in the top producing state of Gujarat could jump 20 percent as poor returns from cotton prompt farmers to shift crops. Meanwhile, Lunkad said China was likely to resume imports of Indian rapeseed meal in around a month after halting them in late 2011 on worries over contamination.

Copyright Reuters, 2015

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