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ICEX Commodity Profile – Soybean
The soybean or soya bean (Glycine max) is known as the “Golden Bean”
of the 20th century. Though Soybean is a legume crop, it is classified
as an oilseed rather than a pulse. Soybean is a legume that grows in
tropical, subtropical, and temperate climates. The origin of soybean
lies in the northeastern areas of China. It is a good source of protein
because it contains a significant amount of essential amino acids. It
has emerged as one of the important commercial crop in many countries.
Due to its worldwide popularity, the international trade of Soybean is
spread globally.
Economic Importance
- Soybean is considered as an exceptionally nutritive & protein rich food
and contains 20% oil, 40% protein and all the essential amino acids.
- Soybeans are the primary ingredients in many processed foods.
- Commercially used as edible oil and animal feed.
- Soybean oil is the leading vegetable oil in the world and used in many
industrial applications.
- Soybean meal forms the prime source of protein in animal feeds.
Global Scenario
Soybean is the single largest oilseed produced in the World. The single
largest producer of soybean is the United States. Other soybean
producing countries are Brazil, Argentina, China and India.
USA, Brazil and Argentina are the major exporting countries of soybean
in the world. Major importing countries include China, which accounts
around half of total import, followed by EU-27, Japan, Mexico, Taiwan
and Thailand.
Domestic Scenario
Soybean is the most important oilseed among kharif oilseed crops. India
is the fifth largest soybean producing country in the world. Major
production comes from Madhya Pradesh, followed by Maharashtra and
Rajasthan. Other producing states are Andhra Pradesh, Karnataka and
Chhattisgarh.
Soybean, which is ready for harvest by the end of September, starts
entering the market from October onwards. Crushing for oil and meal
starts from October and peaks during the subsequent two-three months.
Spot prices of soybean at Indore market serve as the reference market
for soybean. |
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