India: Oilseeds and Products Update

India’s soybean oilseed and rapeseed production estimates for marketing year (MY) 2022/23 (October-September) increased to 12.4 and 11.8 million metric tons (MMT) respectively due to favorable weather conditions. However, for MY 2023/2024, there is an expectation of a deteriorating weather pattern due to El Nino that could lower production estimates for both soybean and rapeseed to 11.9 and 11.2 MMT respectively. India’s export of soybean meal is estimated to increase to 18 MMT due to the demand for high protein content. Additionally, rapeseed meal export is estimated to rise by 4 percent owing to good harvest and demand from the neighboring Southeast Asian countries. India’s edible oil import has increased exponentially for the current MY compared to MY 2021/22. Crude palm oil remains the primarily consumed edible oil with record imports from Indonesia and Malaysia estimated at 10.5 MMT for MY 2022/23.