October 13, 2020
India's soy production expected to drop nearly 15%
Excessive rain during harvesting and pest diseases have hampered India's soy production and its output is expected to be close to 15% lesser than a previous estimate, Reuters reported.
Production is now estimated at 10.46 million tonnes. India may need to increase its imports of palm oil, soy oil and sunflower oil from Indonesia, Malaysia, Argentina and Ukraine.
According to the Soybean Processors Association of India, rainfall and diseases curtailed crop production, leading to low yields. Earlier, the trade group had estimated production at 12.25 million tonnes on a higher area and expectations of a yield increase.
Excessive speculation has caused the soybean price to rise and there is need to suspend futures trading in soybean, the trade group demanded in a letter written to market regulator Securities and Exchange Board of India.
- World Grain