Higher Yields is Expected in This Season

India's soybean production will increase by 6% this year, reaching over 12.58 million tonnes, thanks to improved yields. The Soybean Processors Association of India (SOPA) predicts this growth for the 2024 kharif season. Last year’s production was 11.87 million tonnes. Farmers benefited from favorable weather and better farming practices, which boosted the yield to 1,063 kg per hectare, up from 1,002 kg per hectare last year.

Area Under Cultivation Lower Than Expected

SOPA’s survey covered 5,021 km in the key soybean-producing states of Madhya Pradesh, Maharashtra, and Rajasthan. They estimate the total soybean cultivation area for kharif 2024 at 11.83 million hectares. This figure is lower than the government’s estimate of 12.71 million hectares. Inter-cropping in Maharashtra and a shift towards corn in Madhya Pradesh reduced the area under soybean cultivation.

Regional Soybean Production Increases

• Madhya Pradesh will produce about 5.54 million tonnes of soybeans, compared to 5.25 million tonnes last year. SOPA expects the yield in the state to reach 1,065 kg per hectare, improving from 1,008 kg per hectare. The acreage slightly dropped to 5.2 million hectares.
• In Maharashtra, production will rise to 5.02 million tonnes, up from 4.69 million tonnes. The yield will climb to 1,115 kg per hectare, compared to 1,028 kg per hectare last year. However, the acreage has decreased to 4.5 million hectares, lower than the government’s estimate of 5.05 million hectares.
• Rajasthan will see production increase to 1.05 million tonnes, with the yield improving to 946 kg per hectare from 925 kg per hectare last year. The acreage expanded slightly to 1.11 million hectares.

But in Some Regions Production is Low

• In Karnataka, soybean production will grow to 0.42 million tonnes, again thanks to an increase in acreage.
• In Telangana, output may fall slightly to 0.15 million tonnes from 0.16 million tonnes last year.
• Gujarat will see production increase to 0.29 million tonnes, up from 0.25 million tonnes, due to expanded cultivation.

Conclusion: Stay Alert for Price Changes

Soybean production will rise, but the lower-than-expected acreage may keep the supply tight. Traders should monitor prices closely as the harvest progresses. Holding stocks in the short term could prove beneficial if prices rise in the coming months.





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