India: Oilseeds and Products Update

India’s soybean, peanut, and sunflowerseed production for marketing year (MY) 2022/23 (October-September) is estimated at 11.1 million metric tons (MMT), 6.65 MMT, and 200,000 metric tons, respectively, reflecting heavy late season rainfall in September and October that impacted yields and crop quality. Cumulative edible oil imports in MY 2021/22 have increased four percent to 14.5 MMT, and crude palm oil remained the primary consumed oil despite Indonesia’s palm oil export restrictions. Favorable domestic oilseed availability, and the Indian government's November order removing stock limits on oil and oilseeds will support higher crush in the outyear. Despite reduced oil meal export demand the previous MY, availability of oil meals and stabilized pricing are expected to result in higher use for domestic animal feed and exports. Price volatility on oilseeds and derivatives (oil and meal), continued rupee devaluation, and greater erratic weather patterns cause significant uncertainty in the new market year.