Soybean production this kharif season is expected to be at a record high of 10.5-11.5 million tonnes (mt), and arrivals are expected to reach its peak in mid-October, say industry officials.
“We feel that this year the soybean crop will be very good and expect production between 11.5 and 12 mt due to good rains received towards the end of the season,” said Atul Chaturvedi, chief executive officer of Adani Wilmar Ltd, a major exporter of edible oil. Echoing the view, Ruchi Group of Industries said it was expecting the country to produce about 10.5 to 11 mt of soyabean.
“We are expecting this rise in exports mainly due to higher global demand as the crops in South America was affected following drought,” said Dinesh Sahara, managing director of Ruchi Group of Industries.
The late rainfall did not have any major impact either on the crop yield or the size and this will boost the overall soyabean meal exports to about 5 mt this crop year (October-September) from 4.5 mt last year.
Rape seed or mustard crop is also likely to be 10-15 per cent higher than last year at about 6.5 mt in this season mainly due to good rainfall and better soil condition in the producing areas Last year, the overall mustard output stood at 5.34 mt.
“Decline in production of groundnut and cotton seed import is likely to be at 9.8 mt this oil year (November-October), which is yet to end,” Sahara added. Chaturvedi also expects oil imports to be around 9.7 mt this year. Ruchi Group of Industries is also expecting a rise a 15 per cent growth in revenue on the back of higher crushing, better margins and growth in soy meal exports.
“We are expecting 10-15 per cent growth in sales this fiscal year mainly on account of higher crushing, better margins through product innovations and increase in branded sales. Rise in soya meal exports will also help in boosting our revenue,” Sahara said.
In FY 12, the company’s revenue stood at Rs 26,000 crore.
