India to grow soybeans on more land this crop year
May. 23, 2019
Improved production of country’s main summer-sown oilseed might help the world's leading vegetable oil importer cut expensive purchases from Malaysia, Brazil, Argentina and Indonesia. It can also help increase Indian exports of animal feed ingredient soymeal to countries such as Japan, Bangladesh, Vietnam and Iran.
Chairman of the Soybean Processors Association of India (SOPA), Davish Jain said, “At current prices, soybeans are more profitable than other crops. We will see a shift towards soybeans from cotton & pulses”.
Local soybean prices have increased nearly 14% to Rs 3,716 per 100 kg since the beginning of the 2018 crop year on 1st October, improved after India hiked the duty on importing palm oil, soy oil and other cooking oils. Soybeans have been grown on 10.8 million hectares in the 2018 crop year, up 6.7% from the year before, as per the data compiled by SOPA.
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