June 29, 2026
 

India's soybean imports surge to 700,000 tonnes as meal prices spike on weak monsoon concerns

A near-60% premium for domestic soybean meal over US origin prices has driven a return to import buying after India purchased negligible volumes in 2024/25 following a record domestic crop.

India has sharply increased soybean imports in MY2025/26, with the USDA raising its forecast for the country's purchases by 500,000 tonnes to 700,000 tonnes, as a smaller domestic crop and concerns over a weak monsoon pushed local soybean meal prices to a premium of nearly 60% above US origin levels.

The imports are being crushed domestically to support soybean meal supply for animal feed rations and vegetable oil for human consumption, according to the USDA's June Oilseeds: World Markets and Trade report. The surge marks a sharp reversal from MY2024/25, when India imported negligible soybean volumes after a record domestic crop, combined with expanded use of dried distillers grains in feed rations and the output stimulus from the country's expanded ethanol mandate, left protein supply ample without import support.

India's GE soybean import restrictions preclude purchases from the major global exporters - the United States, Brazil and Argentina - as these countries predominantly produce genetically engineered varieties. Sub-Saharan Africa has consequently emerged as India's primary soybean supplier, with Niger, Togo and Nigeria the most prominent sources in recent years. African soybean imports are expected to continue until the domestic harvest, with India's primary soybean crop having been planted in June.

Looking ahead, the USDA forecasts a recovery in Indian soybean production in MY2026/27, with imports projected to fall back to 200,000 tonnes as domestic supply improves.

- USDA FAS (Oilseeds: World Markets and Trade, June 2026)