October 26, 2011

Indian trade body revises up soy production forecast

India's soy output in the marketing year that started October 1 is likely to increase about 2.5% from the previous estimate to 11.94 million tonnes amid higher yield in key production regions, the Soybean Processors' Association of India said Tuesday (Oct 25).

The trade body earlier estimated soy production in 2011-12 at 11.65 million tonnes.

Soy, India's biggest oilseed crop, accounts for more than 60% of the country's total summer-sown oilseed production. Higher production of the oilseed may reduce edible oil imports by the world's top importer.

The average yield in India is likely to rise to 1,155 kilograms per hectare from the previous forecast of 1,127kg/hectare, the trade body said.

The central state of Madhya Pradesh and western state of Maharashtra are the country's top two producers of soy. Harvesting of the oilseed normally starts in late September and early October.