MARKET DEVELOPMENT
India\'s 2013/14 Soybean Output Seen Up 18 Pct y/y -Industry Official
India\'s 2013/14 Soybean Output Seen Up 18 Pct y/y -Industry Official
20/08/2013 (Reuters) - Indian soybean production is likely to rise by as much as 18 percent to a record 13.34 million tonnes in 2013/14 from the year before as rains boost crops in key growing areas, a senior industry official said.
The increase will help the world's top importer of edible oils cap overseas purchases in the marketing year starting November 2013, as well as boosting its soymeal exports to Asian countries.
"The soybean area has risen. The weather is good and there is a forecast for normal weather in August and September," B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA), told Reuters. "All this should help us in increasing production by 1.5 to 2 million tonnes."
In 2012/13 the country produced 11.34 million tonnes of soybeans, the main summer-sown oilseed crop, according to the Central Organisation for Oil Industry & Trade.
The central state of Madhya Pradesh and western Maharashtra state are the country's two top soybean producers, accounting for over 85 percent of total output.
Both states have received significantly higher rainfall than normal since the beginning of the four-month long monsoon season on June 1, helping farmers increase the amount of oilseed planted.
As of Aug. 15, there were 12.13 million hectares devoted to soybean cultivation in India compared to 10.64 million hectares a year ago, farm ministry data showed last week.
In some pockets heavy rainfall damaged the soybean crop, but despite that soybean output is set to rise due to higher area under cultivation, Mehta said. Soybean is crushed to produce soymeal and oil.
India's imports of edible oil in the current marketing year ending on Oct. 31 are likely to rise to 11 million tonnes, from nearly 10 million a year ago, said Dinesh Shahra, the managing director of Ruchi Soya.
India mainly buys palm oil from Indonesia and Malaysia and a small quantity of soyoil from Argentina and Brazil. Indians use vegetable oils to cook most of their famed curries.
The country's growing population and rising middle-class have driven up its edible oil needs, which domestic supplies are unable to meet.
"Groundnut crop is also in good shape. After nearly three years groundnut has been cultivated on normal area," said Mehta of SEA.
Groundnut is the second most planted summer-sown oilseed in the country. Area under groundnut stood at 4 million hectares as on Aug. 15 against 3.43 million hectares a year ago.
The increase will help the world's top importer of edible oils cap overseas purchases in the marketing year starting November 2013, as well as boosting its soymeal exports to Asian countries.
"The soybean area has risen. The weather is good and there is a forecast for normal weather in August and September," B.V. Mehta, executive director of the Solvent Extractors' Association of India (SEA), told Reuters. "All this should help us in increasing production by 1.5 to 2 million tonnes."
In 2012/13 the country produced 11.34 million tonnes of soybeans, the main summer-sown oilseed crop, according to the Central Organisation for Oil Industry & Trade.
The central state of Madhya Pradesh and western Maharashtra state are the country's two top soybean producers, accounting for over 85 percent of total output.
Both states have received significantly higher rainfall than normal since the beginning of the four-month long monsoon season on June 1, helping farmers increase the amount of oilseed planted.
As of Aug. 15, there were 12.13 million hectares devoted to soybean cultivation in India compared to 10.64 million hectares a year ago, farm ministry data showed last week.
In some pockets heavy rainfall damaged the soybean crop, but despite that soybean output is set to rise due to higher area under cultivation, Mehta said. Soybean is crushed to produce soymeal and oil.
India's imports of edible oil in the current marketing year ending on Oct. 31 are likely to rise to 11 million tonnes, from nearly 10 million a year ago, said Dinesh Shahra, the managing director of Ruchi Soya.
India mainly buys palm oil from Indonesia and Malaysia and a small quantity of soyoil from Argentina and Brazil. Indians use vegetable oils to cook most of their famed curries.
The country's growing population and rising middle-class have driven up its edible oil needs, which domestic supplies are unable to meet.
"Groundnut crop is also in good shape. After nearly three years groundnut has been cultivated on normal area," said Mehta of SEA.
Groundnut is the second most planted summer-sown oilseed in the country. Area under groundnut stood at 4 million hectares as on Aug. 15 against 3.43 million hectares a year ago.