August 24, 2020
India's soybean production to increase 32% in 2020
The Soybean Processors Association of India said soybean production in India is set to increase 32% higher this year to reach 12.25 million tonnes, compared to 2019 thanks to great monsoon rainfall, Reuters reported.
The boosted production could offset the import of palm oil, soyoil and sunflower oil from Argentina, Malaysia, Indonesia, and Ukraine. India is the biggest importer of vegetable oil in the world.
The higher production could see India resume exports of livestock feed soymeal to Bangladesh, Iran, Japan, Vietnam.
The Soybean Processors Association of India said soybean areas have gone up from 10.76 million hectares in 2019 to 11.64 million hectares in 2020.
The trade body said Madhya Pradesh, Maharashtra and Rajasthan states have reported the crop to be in good condition. These states account for 90% of the country's soybean production.
The trade body also said soybean yields are projected to go up 22% to 1,052 kg per hectare, compared to one year ago.