Crushing of soybeans experiences a 5% increase YOY, while arrivals witness a 17% increase: SOPA

Soymeal

Published on

According to the March 2024 SOPA report, Soybean arrivals increased by 17% to 7 Lakh tonnes in March’24 as compared to 6 Lakh tonne corresponding year. Crushing activities during the same period rose by 5%, reaching 10.5 LT, compared to the corresponding year at  10 LT. Currently, the collective soybean stocks held by plants, traders, and farmers stand at 64.83 LT.

Additionally,In March 2023, Soymeal production increased to 8.29 LT, up from 7.98 LT in March 2023. Soymeal exports also witnessed a rise, reaching 1.76 LT compared to the corresponding year 3.27. Domestic consumption for both food and feed stood at 0.6 and 5.5 Lt respectively. The total soy meal stocks held by plants, traders, and farmers reported at 1.80 Lt.

Overall, gains in soymeal prices led to improved crushing activity in recent weeks which supported soybean prices too.