India: Oilseeds and Products Update

India’s soybean production estimate for marketing year (MY) 2021/22 (October-September) is lowered to 10.8 million metric tons (MMT) on account of delayed and erratic rainfall. Peanut production remains unchanged at 6.2 MMT. On August 25, 2021, the Indian government approved a 1.2 MMT quota for soybean meal derived from genetically modified soybeans to address high animal feed prices impacting the industry. Cumulative oil meal exports in the October 2020 to July 2021 period grew 80 percent over the same period last year, with soybean meal exports alone climbing 168 percent. Peanut oil exports for the current MY are estimated at 260,000 metric tons, primarily to China despite a three percent reduction in total edible oil imports.