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India soybean imports at record as domestic supply tightens: sources

Reuters  |  SINGAPORE 

By Thukral

(Reuters) - India's soybean imports have hit a record high this year and more buying is expected as domestic supplies tighten following lower production last year, two trade sources said on Tuesday.

Traders have signed deals to sell up to 100,000 tonnes of soybeans to since December, shipping mainly from the African countries of and with which the South Asian nation has concessional import duty agreements.

India's soybean imports have never previously approached 100,000 tonnes, the two sources said.

The deals were signed at $450 to $520 a tonne delivered to Indian ports, a grains told on the sidelines of an international grains event in Soybeans in are quoted at $580 to $600 a tonne.

"Last year people imported beans but volumes were small," the said, adding that interest to buy beans has risen since December as the lower domestic crop tightens supplies.

produced around 8.3 million to 8.5 million tonnes of soybeans at the end of 2017, down from more than 11 million tonnes a year ago.

"It is for the first time ever that is buying beans in such volumes and imports are expected to continue," Sandeep Bajoria, a leading Mumbai-based said by phone.

(Reporting by Thukral; editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 11:21 IST