India's Soybean Imports Hit Record High Amid Domestic Price Surge

India's soybean imports surged by 65% in May due to soaring domestic prices, prompting increased sourcing from African countries. This record import, totaling 200,000 metric tons, aims to stabilize local prices and support the poultry industry. African exporters benefit from higher premiums, while non-GM varieties remain prioritized.

In a significant development, India's soybean imports soared by 65% in May, setting a new record, as revealed by an industry body on Monday. This surge was driven by the domestic prices reaching their highest in four years, leading traders to source more supplies from African nations.

The influx of imports allows African exporters to sell soybeans at a premium over global benchmarks. This situation is anticipated to stabilize domestic soybean and soymeal prices, providing relief to India's poultry sector, the largest consumer of soymeal, an essential livestock feed ingredient produced during soybean crushing for oil extraction.

The import figures climbed to 200,000 metric tons in May, up from 121,000 tons in April, a notable increase from virtually none the previous year. Consequently, the Soybean Processors Association of India (SOPA) has revised its soybean import forecast for the marketing year ending September 2026 to 900,000 tons, a significant rise from the earlier 600,000 tons. India's preference for non-genetically modified soybeans restricts imports to select African countries, including Benin, Niger, Togo, and Nigeria, where such beans command a significant premium.