According to the Soybean Processing Association of India (SOPA), Soybean arrival and crushing in February’23 stood at 10 LT and 9 LT, respectively. Soybean arrival fell by 9%, whereas, crushing declined by 18% m-o-m. Soy oil production for the month stood at 1.62 LT compared to 1.92 LT in the previous month. Imports of Soy oil also witness declined in February to 3.56 LT compared to 3.67 LT in the previous month. Total domestic soy oil stock for February stood at 5.18 LT compared to 5.65 LT in the previous month.
AgriWatch anticipates arrivals in March to stand around 5-5.5 LT. Whereas, crushing to lie in the range of 7-7.5 LT, which is higher than monthly arrivals due to old carryover stock. Soy oil production is likely to range between 1.15-1.35 LT.