USDA soybean outlook May'23

As per latest USDA report, In 2023/24, India's soybean crush is expected to decrease slightly to 9.8 million tons due to a projected stagnation in supplies. The production of soybeans is anticipated to remain at 12.0 million tons. Continued growth in domestic soybean meal consumption is predicted to exert pressure on soybean meal exports to reach an 8-year low. Although soybean oil imports are forecast to increase slightly to 3.2 million tons, the demand is hampered by increased consumption of sunflowerseed oil and palm oil in food use.