Because of beneficial rains in key growing regions soybean production in India will likely increase 18% year on year in 2013-14 to 13.34 million tons up from 11.34 million tons in 2012-13. As of August 15th there were 12.13 million hectares dedicated to soybean production compared to 10.64 million hectares a year ago. The improved soybean output will help the country which is the world’s top importer of edible oils, to cap overseas purchases and boost its soybean exports to Asia. India will import 11 million tons of edible oil in the marketing year ending October 31st from 10 million a year before as the country’s growing population and increasingly affluent middle class drive demand.
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