India’s Soybean imports have hit a record high this year and more buying is expected as domestic supplies tighten following lower production last year, trade sources said.
Traders have signed deals to sell up to 100,000 tonnes of Soybeans to India since December, shipping mainly from the African countries of Ethiopia and Benin with which the South Asian nation has concessional import duty agreements.
India’s Soybean imports have never previously approached 100,000 tonnes, sources said.
The deals were signed at $450 to $520 a tonne delivered to Indian ports. Soybeans in India are quoted at $580 to $600 a tonne.
India produced around 8.3 million to 8.5 million tonnes of Soybeans at the end of 2017, down from more than 11 million tonnes a year ago.