News Capsule: India cancels soymeal export deals, increases soybean imports from Africa
26-May-2026 04:38 PM
News Capsule: India cancels soymeal export deals, increases soybean imports from Africa
★ Indian traders have cancelled around 25,000 tonnes of soymeal export contracts for the first time since 2021 after a sharp rise in domestic soybean prices. At the same time, nearly 80,000 tonnes of soybean import deals have been signed with African countries to ease domestic supply tightness.
★ Domestic soymeal prices have surged 41% over the past month to around ₹66,000 per tonne, the highest level in four years, due to lower soybean production and limited stock availability.
★ India allows imports only of non-GM soybeans, leading traders to source supplies from African countries such as Benin, Niger, Togo and Nigeria at premium prices. Deals for June-July shipments of African soybeans were reported at $700-760 per tonne CIF.
★ Industry sources said domestic supplies are likely to remain tight until the arrival of the new crop in September-October, which could keep soybean imports elevated in the coming months.