India has turned to Nigeria and other African countries for soybean imports after soaring domestic prices forced Indian traders to cancel soymeal export contracts for the first time since 2021.
According to a Reuters report, Indian traders cancelled about 25,000 metric tons of soymeal export contracts and secured about 80,000 metric tons of soybean imports from African countries following a sharp rise in local prices.
The development is expected to create export opportunities for Nigeria and other African countries producing non-genetically modified, non-GM soybeans, which India permits for import.
Reuters reported that India's soybean purchases are allowing African exporters to sell the commodity at a premium above global benchmark prices.
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Founder of agricultural goods exporter Suraj Impex, Vinod Jain, said India was no longer receiving fresh soymeal export orders because of elevated prices.
Reuters quoted Jain as saying that the situation had prompted traders to increase soybean imports from African countries.
He projected that India's soybean imports could rise to a record 800,000 metric tons by September 2026, compared to just about 2,000 metric tons imported in the previous year, according to data compiled by the Soybean Processors Association of India.
India only permits imports of non-GM soybeans, limiting sourcing options to a few African countries including Nigeria, Benin, Niger and Togo.
