In December 2024, India's soymeal exports saw a slight improvement, with a total of 2.77 lakh tonnes shipped, up from 2.74 lakh tonnes in December 2023.

This increase was driven primarily by strong demand from European countries, particularly Germany and the Netherlands.

Germany was the largest importer, purchasing around 50,000 tonnes, followed by the Netherlands (39,000 tonnes), Bangladesh (32,000 tonnes), and France (29,000 tonnes).

However, export performance to Southeast Asia remained weak, and shipments to Iran were notably low, totaling only 500 tonnes.

Despite this positive trend in December, the overall soymeal export performance for the first quarter of the 2024-2025 marketing season (October to December) showed a decline of 21%.

The total soymeal shipment during this period was 1.41 lakh tonnes lower than the same period in 2023, largely due to higher offer prices for Indian soymeal compared to other global producers like Brazil, Argentina, and the US.

On the domestic front, soybean consumption remained stable, with no significant changes in demand from the animal feed and poultry sectors, maintaining a steady consumption of 5.5 lakh tonnes.

However, soybean arrivals in the domestic markets dropped by 6 lakh tonnes compared to the same period in 2023, totaling 46 lakh tonnes between October and December 2024.

Despite this decline in arrivals, soybean prices remained low, staying well below the government’s support price.

The export price of soymeal had also decreased slightly, following a dip in soybean prices. However, the weaker export performance earlier in the season and the ongoing price disparity with global competitors like Brazil and Argentina have posed challenges to India's soymeal exports.