India’s Soyabean Imports Surge to 3.09 Lakh Tonnes During Oct-Mar 2025-26 Oil Year

Why It Matters

The import surge and shrinking domestic output tighten India’s soybean market, pressuring downstream feed and food sectors and prompting policy support that could reshape trade balances.

Key Takeaways

• Soybean imports hit 309,000 t, up from 2,000 t last year.
• Domestic output projected at 11.0 Mt, down 14% YoY.
• Crushing falls to 5.7 Mt; meal output marginally rises.
• Meal exports drop 30% to 772,000 t amid higher local prices.
• MSP set at Rs 5,328/qt (~$64), above current average $60.

Pulse Analysis

India’s reliance on non‑GMO soybean imports has accelerated as domestic harvests falter. With production projected at roughly 11 million tonnes—down 14% year‑over‑year—importers have turned to West African suppliers such as Togo, Niger and Benin, which benefit from zero‑duty treatment under the LDC scheme. This shift not only cushions the shortfall but also aligns with India’s broader push for non‑genetically modified inputs, a factor that differentiates its market from the GMO‑heavy global trade flow.

The contraction in crushing capacity, now at 5.7 million tonnes, has ripple effects across the feed and food chains. Soybean meal, a critical protein source for livestock, saw only a marginal rise in output while exports slumped 30% to 772,000 tonnes, reflecting tighter domestic demand and higher farmgate prices. The All‑India Mandi price of ₹4,943.6 per quintal (≈$60) remains above the previous year’s level, yet it sits below the government‑mandated minimum support price of Rs 5,328 (~$64), signaling a delicate balance between market forces and policy intervention.

Looking ahead, the Soybean Processors Association of India forecasts total imports of 600,000 tonnes for the 2025‑26 oil year, suggesting that the import surge will continue if domestic yields do not rebound. Policymakers may need to reassess the MSP and consider additional incentives to boost local cultivation, while traders watch the West African supply corridor for price stability. The evolving dynamics will shape India’s trade balance, impact feed‑lot costs, and influence global soybean price benchmarks.