Sowing of soybean is lagging behind previous year

The area coverage under soybean is reported as on 1st week of june down 70% at 0.05 lakh hectares compared to 0.17 lakh hectares at the same period last year. The total sown area under kharif oilseeds is higher compared to the previous year’s level which is up by 3.67% at 0.93 lakh hectares compared to 0.90 lakh hectares during the corresponding period last year. The total sown area under kharif oilseeds is higher compared to the previous year’s level which is up by 3.67% at 0.93 lakh hectares compared to 0.90 lakh hectares during the corresponding period last year.

India oil meal export falls in may.

As per SEA, India’s oil meal exports in May fell 33% from a year ago to 97,036 tonnes as shipments of soymeal and rapeseed meal dropped. Soymeal exports during May 2018 were reported down at 41,452 tonnes from 48,900 tonnes a year ago. The government is likely to raise import duty on soy oil to send positive price signals to farmers. Currently the import duty on crude soy oil is 30% import tax while that on refined soy oil is 35%.

SOPA predicted higher soybean crop 2018-19

With farmers getting good remuneration from soybean in 2017-18 season, and with forecast of normal monsoon, SOPA (Soybean Processors Association of India has predicted a 14% increase in 2018-19 soybean acreage in India. Soybean could be sown on 120 lakh ha in the country, against 105 lakh ha last year.