Aug 26 2010 4:37PM
MUMBAI (Dow Jones)--Soybean production in India is likely to rise in the next crop year, driven by better yields due to good rains in major growing regions, industry executives said Thursday.
The country is estimated to have produced about 8.5 million metric tons in the crop year ending Sept. 30, according to data from the Central Organisation for Oil Industry and Trade.
The overall production in 2010-11 will be better than the current year, but it is too early to give any figure, said Govindbhai Patel, managing partner of Dipak Enterprises and an expert on vegetable oil industry.
The soybean production in 2009-10 fell about 5% as India suffered its worst drought in almost four decades, with monsoon rains 22% below average. But the monsoon rains are near normal this year so far, boosting the prospects of crop growth.
The crop condition is quite good in major soybean growing regions as the rains are coming in regular intervals, said S.K. Srivastava, director of National Research Centre for Soybean.
The sowing of soybean--the main oilseed grown in the summer season--in India starts in June and continues through July.
Total area under summer-sown oilseeds has increased 5.4% to 16.14 million hectares until Aug. 20, according to the latest government data.
Total yield is likely to improve from the this year's level of 1.1 tons per hectare, Srivastava said.
Despite expectation of higher production and large stocks India's edible imports in 2010-11 may remain mostly steady compared with the current year, industry executives said.
India--which imports nearly half of its edible oil needs--is likely to import 8.2 million-8.4 million tons in the marketing year ending Oct. 31, said Pradip Desai, managing director of Mumbai-based importer Palmtrade Services Pvt. Ltd.
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