October 2, 2007

India to harvest record 2007 soy crop at 8.86 million tonnes

India will harvest a record 8.86 million tonnes of soy this year due to a higher acreage under the crop and favourable rains, a trade body forecast on Monday (October 1).

Rajesh Agrawal, coordinator of the Soy Processors' Association of India, said in a statement that good rains in June and July in Madhya Pradesh -- India's leading soy growing state-- would push up production.

India harvests two oilseed crops annually but produces only one soy crop, planted during the monsoon season in June and harvested from late September.

The country produced 7.14 million tonnes in 2006.

The Central Organisation of Oil Industry and Trade last month forecast soy output at 8.6 million tonnes in 2007.

India is expected to export a record 4 million tonnes of soymeal in the season beginning October 2007, buoyed by higher soy output.

High freight rates from South America have also made Indian feedstock competitive in markets in Southeast Asia. India sells soymeal mainly to China, Vietnam, South Korea and Indonesia.