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