Soybean is a legume crop, it is economically more important as an oilseed than a pulse. It is grown in tropical, subtropical, and temperate climates. The major producers are U.S, Brazil and Argentina. Soy oil and meal are consumed worldwide as food and animal feedstuff respectively.
Economic Importance:
Global Scenario:
Soybean is the largest oilseed produced in the world. World soybean area and production has been continuously increasing year after year. World production of soybean for 2013-14 is projected at 285.89 million tonnes, up by 6.6% as compared to 268.02 mt in 2012-13. The US is the largest producer of soybean in the world, accounts for 32% of world Soybean production, while Brazil accounts for 30%, Argentina 19%, China 5% and India contributes only 4% to the total global Soybean production. Average annual global Soybean export is around 92.8 million tons and import is averaged at 90.6 million tons. China is the largest importer accounting of around half of total imports, followed by India, EU-27, Mexico, etc.
Domestic Scenario:
Soybean forms a significant position as a Kharif oilseed in Indian agriculture and ranks 5th in the list of the leading Soybean producing countries. The annual Soybean production in India was 12.21 million tonnes in 2011-12 with its area under cultivation was 10.1 million hectares. Madhya Pradesh is known as the soybean bowl of India, contributing 59% of the country's soybean production, followed by Maharashtra with 29% contribution and Rajasthan with a 6% contribution. Andhra Pradesh, Karnataka, Chhattisgarh and other parts of India also produce the bean in small quantities.
Indore market serves as the reference market for soybean. Soybean arrivals start from October onwards. Crushing of oil and meal start from October and peak during the subsequent two-three months. Soy meal in India has a greater demand for exports. In 2012-13, soy meal exports from India were reported to be around 38.29 million tons. Annual consumption of Soybean in India is around 11.15 million tons.
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