India: Oilseeds and Products Annual
India’s oilseeds production in marketing year (MY) 2023/2024 (October-September) is forecast to remain flat at 41.5 million metric tons (MMT), mostly unchanged from MY 2022/2023. Unseasonably heavy spring precipitation and a predicted El Niño weather pattern in the wake of severe April-June heatwaves will expose summer oilseed crops to greater incidences of plant stresses and thus impact yields. Oil meal production will remain steady at 20 MMT while exports will fall to 1.9 MMT, following an exceptional increase in exports in the current MY as southeast Asian demand has favored competitively priced Indian oil meals against other origins. India will remain among the largest consumers of edible oils and is forecast to import 14.5 MMT of various oil commodities in the outyear. Global decline in oilseed prices and relatively low import duties have stabilized domestic edible oil prices, leading to record ending stocks in the current year.
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