India Is Crushing More Soybean Even as Production Falls in 2025–26
17 December 2025, New Delhi: The Soybean Processors Association of India (SOPA) has released its latest estimates of supply and demand (S&D) for soybean and soybean meal for the oil year 2025–26 (October 2025 to September 2026), covering data up to November 2025. The figures indicate a lower soybean crop and reduced opening stocks compared to the previous season, even as crushing activity and soybean meal exports show improvement in the early months of the year.
Soybean: Lower Crop, Tighter Stocks
According to SOPA estimates, India’s soybean crop for the 2025–26 oil year is projected at 105.36 lakh tonnes, significantly lower than the 125.82 lakh tonnes recorded in the previous season. Stocks carried forward from the last year are also estimated to decline sharply to 4.66 lakh tonnes, compared to 8.94 lakh tonnes a year earlier. As a result, the total soybean availability for the current oil year is estimated at 110.02 lakh tonnes, down from 134.76 lakh tonnes in 2024–25.
Imports during the current season are estimated at 6.00 lakh tonnes, marginally higher than last year, while 12.00 lakh tonnes of soybean are expected to be retained for sowing purposes. After accounting for these factors, soybean available for crushing in 2025–26 is estimated at 104.02 lakh tonnes, compared to 123.28 lakh tonnes in the previous oil year.
During the first two months of the season (October–November 2025), soybean arrivals are estimated at 33.00 lakh tonnes, slightly lower than the 34.00 lakh tonnes recorded in the corresponding period last year. Crushing during this period, however, increased to 20.50 lakh tonnes from 19.50 lakh tonnes in October–November 2024. Direct consumption stood at 1.00 lakh tonnes, marginally higher than last year, while soybean exports remained limited at 0.06 lakh tonnes.
Soybean Stock and Availability for Crushing
| Soybean | October 2025 to September 2026 (In Lakh Ton) | October 2024 to September 2025 (In Lakh Ton) |
| Stock Brought Forwarded from Previous Year | 4.66 | 8.94 |
| All India Crop | 105.36 | 125.82 |
| TOTAL CROP | 110.02 | 134.76 |
| Add : | ||
| Import | 6.00 | 0.02 |
| Less : | ||
| Retained for Sowing | 12.00 | 11.50 |
| Available for Crushing | 104.02 | 123.28 |
Soybean Arrivals and Stock
| Oct ’25 to Nov ’25 | Oct ’24 to Nov ’24 | |
| Arrivals till November 2025 | 33.00 | 34.00 |
| Crushing till November 2025 | 20.50 | 19.50 |
| Direct Use till November 2025 | 1.00 | 0.95 |
| Export | 0.06 | 0.02 |
| Stock with Plants/Traders and Farmers as on 1st December | 76.56 | 102.79 |
Soybean Meal Import and Exports
| Soybean Meal | Oct ’25 to Nov ’25 | Oct ’24 to Nov ’24 |
| Stock Brought Forwarded from Previous Year | 0.68 | 1.33 |
| Import of SBM | 0.00 | 0.00 |
| Production of Soybean Meal | 16.18 | 15.39 |
| Export of Soybean meal through SEA and Land | 3.34 | 2.41 |
| Domestic Consumption for Food | 1.40 | 1.50 |
| Domestic Consumption for Feed | 10.50 | 11.50 |
| Balance Stock of Meal as on 1st December | 1.62 | 1.31 |
Stocks held by processing plants, traders and farmers as on December 1, 2025, are estimated at 76.56 lakh tonnes, substantially lower than the 102.79 lakh tonnes reported at the same time last year, reflecting tighter supply conditions in the market.
Soybean Meal: Higher Production and Exports
Soybean meal production during October–November 2025 is estimated at 16.18 lakh tonnes, up from 15.39 lakh tonnes in the corresponding period last year, supported by higher crushing activity. Opening stocks of soybean meal declined to 0.68 lakh tonnes, compared to 1.33 lakh tonnes a year ago. No imports of soybean meal were reported during the period.
Exports of soybean meal through ports and land routes showed a notable increase, reaching 3.34 lakh tonnes during October–November 2025, compared to 2.41 lakh tonnes in the same period last year. Domestic consumption for food use is estimated at 1.40 lakh tonnes, slightly lower than last year, while feed consumption declined to 10.50 lakh tonnes from 11.50 lakh tonnes.
As on December 1, 2025, the balance stock of soybean meal is estimated at 1.62 lakh tonnes, marginally higher than the 1.31 lakh tonnes recorded a year earlier.
Outlook
SOPA noted that the estimates are based on data compiled from multiple sources, including government and trade channels, and should be treated as indicative.
The latest figures suggest that while India is entering the 2025-26 oil year with a smaller soybean crop and lower inventories, improved crushing activity and stronger soybean meal exports could help support processing margins and trade flows in the months ahead.
Q&A | India’s Soybean Supply–Demand Outlook for Oil Year 2025–26
Q1. What is the estimated soybean crop for India in the 2025–26 oil year?
India’s soybean crop for the oil year October 2025 to September 2026 is estimated at 105.36 lakh tonnes, lower than 125.82 lakh tonnes in the previous season, according to the Soybean Processors Association of India (SOPA).
Q2. How do opening stocks compare with last year?
Opening stocks carried forward from the previous season are estimated at 4.66 lakh tonnes, sharply down from 8.94 lakh tonnes last year, indicating a tighter supply situation at the start of the season.
Q3. What is the total soybean availability in 2025–26?
Total soybean availability, including opening stocks and current production, is estimated at 110.02 lakh tonnes, compared to 134.76 lakh tonnes in the previous oil year.
Q4. How much soybean is available for crushing this season?
After accounting for imports and seed retention, soybean available for crushing in 2025–26 is estimated at 104.02 lakh tonnes, down from 123.28 lakh tonnes last year.
Q5. What do early season arrivals and crushing data show?
During October–November 2025, soybean arrivals are estimated at 33.00 lakh tonnes, slightly lower than last year. Crushing during the same period increased to 20.50 lakh tonnes, compared to 19.50 lakh tonnes in October–November 2024.
Q6. How much soybean stock is currently held in the system?
Stocks held by processors, traders and farmers as on December 1, 2025, are estimated at 76.56 lakh tonnes, significantly lower than 102.79 lakh tonnes recorded a year earlier.
Q7. What is the trend in soybean imports and exports?
Soybean imports for the 2025–26 oil year are estimated at 6.00 lakh tonnes, higher than last year. Exports remain limited, with 0.06 lakh tonnes exported during October–November 2025.
Q8. How is soybean meal production performing this season?
Soybean meal production during October–November 2025 is estimated at 16.18 lakh tonnes, up from 15.39 lakh tonnesin the same period last year, supported by higher crushing activity.
Q9. What is the export outlook for soybean meal?
Soybean meal exports through ports and land routes rose to 3.34 lakh tonnes during October–November 2025, compared to 2.41 lakh tonnes in the corresponding period last year.
Q10. How is domestic consumption of soybean meal changing?
Domestic consumption for food use is estimated at 1.40 lakh tonnes, slightly lower than last year, while feed consumption declined to 10.50 lakh tonnes, compared to 11.50 lakh tonnes a year earlier.
Q11. What is the current stock position of soybean meal?
Balance stock of soybean meal as on December 1, 2025, is estimated at 1.62 lakh tonnes, marginally higher than 1.31 lakh tonnes in the previous year.
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