March 10, 2004

Indian Soya Processors Relieved Bird Flu Over

Indian soyabean processing industry is heaving a sigh of relief with the influence of bird flu clearly waning. The month of February was rather tough for soyabean extractions exporters here because of business uncertainties arising out of the rapid spread of disease.

In its latest status report, the Indore-based Soyabean Processors Association of India (SOPA) has estimated that out of the 69.3 lakh tonnes produced, after setting aside 7 lt for sowing purposes, bean arrivals have aggregated 47.5 lt.

Bean arrivals included 31 lt in Madhya Pradesh, 12 lt in Maharashtra, 3.5 lt in Rajasthan and the rest in others. This leaves 14.8 lt as produce yet to be marketed.

From October 2003 till February 2004, crushing is estimated at 36.9 lt and stocks with plants/stockists at 10.6 lt.

According to SOPA, soyameal exports through various ports totaled 22 lt

till last month and 1.25 lt by rail/road. Domestic sale is estimated at 4 lt while 3 lt are said to be stocks at various ports and in transit.

This season Indian farmers have received highly remunerative prices despite a huge increase in output. Global soyabean market has been ruling rather firm since mid-October last year following a sharp reduction in the US crop.

At the Chicago Board of Trade recently, soyabean was traded at a price as high as $10 a bushel.

High prices are expected to encourage an expansion in area under cultivation in the US and India both next season. 2003-04 is likely to go down as one of the best years for Indian soyabean growers and processors alike.