India's soybean imports jump to record in May on strong buying from Africa
- The imports are enabling African exporters to sell soybeans at a hefty premium to global benchmark prices
MUMBAI: India’s soybean imports surged 65% in May from the previous month to a record high, an industry body said on Monday, as domestic prices climbed to their highest level in four years, prompting traders to source supplies from African countries.
The imports are enabling African exporters to sell soybeans at a hefty premium to global benchmark prices.
Higher arrivals could ease domestic soybean and soymeal prices, benefiting India’s poultry industry, the largest consumer of soymeal. Soymeal, a widely used livestock feed ingredient, is produced when soybeans are crushed for oil extraction.
India imported 200,000 metric tons of soybeans in May, up from 121,000 tons in April and none a year earlier, the Soybean Processors Association of India (SOPA) said in a statement.
India cancels soymeal export deals, turns to African soybean imports, sources say
The surge prompted SOPA to raise its soybean import forecast for the marketing year ending September 2026 to 900,000 tons from 600,000 tons previously. India imported about 2,000 tons in the previous marketing year, SOPA data showed.
India permits imports only of non-genetically modified soybeans, restricting supplies to a handful of African nations - including Benin, Niger, Togo and Nigeria - where non-GM beans command a steep premium over genetically modified varieties.
Reuters reported last month that Indian traders had cancelled soymeal export contracts for the first time since 2021 and turned to soybean imports from African countries after soaring domestic prices reversed traditional trade flows.