14 March, 2018
Trade sources said more buying of soybean is expected as the India’s soybean imports have hit a record high this year and as domestic supplies tighten following lower production last year. India’s soybean imports have never previously approached 100,000 tonnes.
Deals have been signed by the traders to sell up to 100,00 tonnes of soybean to India since December, that is mostly shipping from the African countries of Ethiopia and Benin with which the South Asian nation has concessional import duty agreements.
The soybean deals were signed at $450 to $520 at tonne that were delivered to Indian ports, a grains broker told Reuters on the sidelines of an international grains event in Singapore. Soybeans in India are quoted at $580 to $600 a tonne.
“Last year people imported beans but volumes were small,” the broker said, as the lowers domestic crops tightens supplies the interest to buy soybean has risen, since December.
8.3 million to 8.5 million tonnes of soybeans has been produced in India at the end of 2017, down from more than 11 million tonnes a year ago.
Sandeep Bajoria, Mumbai based edible oil broker said.”It is for the first time ever that India is buying beans in such volumes and imports are expected to continue”