Agri Picks Report December 02, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India's soymeal exports rose 86.8% on year in September to 198,000 tonnes from 106,000 tonnes a year ago, the Soybean Processors Association of India said in a release Thursday. For Oct-Sept, soymeal exports increased to 2.3 million tonnes from 1.8 million tonnes a year ago, SOPA said. India exported soymeal to more than 70 countries from October to September, with Bangladesh, Iran, Nepal, and the United Arab Emirates being major buyers, according to data released by the association. In September, production of soymeal rose to 710,000 tonnes from 599,000 tonnes a year ago. The output in Oct-Sept rose to 9.7 million tonnes from 9.2 million tonnes a year ago, the association said. Soybean, a kharif oilseed, is sown in Jun-Jul and harvested in Oct-Nov. Soybean arrivals in spot markets were at 800,000 tonnes in September, up from 400,000 tonnes a year ago. During Oct-Sept, arrivals rose to 12 million tonnes from 11.6 million tonnes a year ago. "The peak arrival of soybeans occurs between late October and December, with current arrivals affected by higher moisture content due to rains in some districts of Madhya Pradesh," Shailendra Soni, a trader from Indore, Madhya Pradesh, said. Due to heavy rain before the harvest, soybean arrivals currently have high moisture content, making them less favourable for procurement, he said. The government is procuring only those varieties of soybean that have less than 10-15% moisture, he said. By the end of September, oil mills, traders, and farmers were left with around 894,000 tonnes of soybean stock, down from 1.7 million tonnes a month ago, the association said. The meal stock at the end of September was 133,000 tonnes, against 180,000 tonnes a month ago. Soymeal is primarily used as poultry and livestock feed. Indian soymeal is non-genetically modified and considered rich in protein. The data are collected from various sources, including government and trade. The numbers, however, are estimates only, the association said.

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02122024 - co