India is now looking to Nigeria and other African nations for soybean imports as local prices have surged. This change has led Indian traders to cancel soymeal export contracts for the first time since 2021.
Recent reports indicate that around 25,000 metric tonnes of soymeal export contracts have been canceled, while traders have secured approximately 80,000 metric tonnes of soybean imports from Africa in response to rising domestic prices.
This shift is expected to open up new export opportunities for Nigeria and other African countries that produce non-genetically modified (non-GM) soybeans, which India allows for import. According to local media citing Reuters, Indian purchases of soybeans are allowing African exporters to sell at prices higher than the global average.
Vinod Jain, founder of the agricultural export company Suraj Impex, mentioned that due to rising prices, India is not receiving new soymeal export orders. Consequently, traders are turning to African countries for soybean imports. He estimates that India’s soybean imports could leap to a record 800,000 metric tonnes by September 2026, a significant increase from only about 2,000 metric tonnes last year, as reported by the Soybean Processors Association of India.
India restricts itself to importing non-GM soybeans, which means that sourcing options are limited to a few African nations, including Nigeria, Benin, Niger, and Togo.
