India: Oilseeds and Products Update

India’s soybean production estimate for marketing year (MY) 2022/23 (October-September) is slightly lowered to 11.4 million metric tons (MMT) because of the impacts of the delayed and erratic 2022 monsoon. Cumulative edible oil imports in the October 2021 to June 2022 period have increased one percent to 10.l MMT, and crude palm oil remains the primary consumed oil. India’s soybean oil imports are estimated to have reached 4.1 MMT in MY 2021/22, reflecting competitive market pricing, the Indian government’s removal of the basic duty, and palm oil and sunflowerseed oil supplies that were disrupted earlier this year. India’s peanut production for MY 2022/23 is reduced to 6.5 MMT due to the erratic monsoon, and a reported shift of peanut acreage to cotton and other higher value crops.