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Rising Soybean Prices Push India to Source Imports From Nigeria, Others
Reuters reports that India secured about 80,000 metric tons of soybean imports from African countries, including Nigeria, amid soaring local prices.
India is increasingly turning to Nigeria and other African countries for soybean imports after soaring domestic prices disrupted its soymeal export market.
Reuters reported that Indian traders cancelled nearly 25,000 metric tons of soymeal export contracts while purchasing about 80,000 metric tons of soybeans from African nations to offset rising local costs.
The move is expected to benefit exporters in Nigeria and other African countries that produce non-genetically modified soybeans, which meet India’s import requirements.
According to Reuters, the increased demand from India has allowed African soybean exporters to sell their products at premiums above international benchmark prices.
Vinod Jain, founder of agricultural exporter Suraj Impex, said elevated soybean prices in India had effectively halted new soymeal export orders.
Reuters quoted him as saying the situation had pushed Indian traders to expand soybean imports from Africa.
Jain also forecast that India’s soybean imports could reach a record 800,000 metric tons by September 2026, a significant jump from the approximately 2,000 metric tons imported last year, according to figures from the Soybean Processors Association of India.
India only permits the importation of non-GM soybeans, restricting its sourcing to a limited number of countries, including Nigeria, Benin, Niger, and Togo.
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