LAGOS, Nigeria: India shifted its sourcing of soybeans to Nigeria and other African nations on Friday, May 29, 2026, following a surge in domestic prices that caused Indian traders to cancel export contracts.
Okay News reports that Indian traders cancelled 25,000 metric tons of soymeal export contracts and secured 80,000 metric tons of soybean imports from African countries.
Vinod Jain, founder of agricultural goods exporter Suraj Impex, projected that imports could reach a record 800,000 metric tons by September 2026.
The Soybean Processors Association of India stated the country imported 2,000 metric tons in the previous year. Market conditions allow African exporters to sell non-genetically modified soybeans at a premium over global benchmark prices.
The import options are limited to Nigeria, Benin, Niger, and Togo because the importing nation restricts purchases to non-genetically modified commodities.
