India's Soybean exports in 2016-17 is expected to double and reach 1.8 million tonnes on larger crop and crush forecasts, according to USDA. Soybean shipment was projected at 0.9 million hectares in November for 2016-17 by USDA.
Domestic consumption of Soymeal by the country has been trimmed down to 4.650 million tonnes against 4.970 million tonnes in November forecast. Even though, the estimate is still up from 4.320 million tonnes in 2015-16.
In 2016-17, Soybean meal production is likely to be at 6.8 million tones, which is sharply up from 4.480 million tonnes in 2015-16. Soybean crop of India is estimated at 11.5 million tonnes, up from 9.7 million tonnes projected in November and sharply up from 7.125 million tonnes in 2015-16, according to USDA.
Crushing in India during the period is estimated higher at 8.5 million tonnes and Soybean ending stocks in 2016-17 is also projected higher at 1.311 million tonnes, sharply up from 0.456 million tonnes. India Soybean ending stock in 2015-16 was at 0.421 million tonnes due to lower crop.
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