India’s soymeal exports could fall to four-year low amid sharp price surge

India’s soymeal exports in the 2025/26 marketing year ending in September are expected to drop to around 900,000 tonnes, down from 2.02 million tonnes a year earlier. This would mark the lowest level in four years, according to representatives of India’s processing and export industry.

The main reason for the decline is a sharp rise in domestic soybean prices, which has made Indian soymeal uncompetitive on global markets. As a result, crushing plants are losing new export orders, with buyers shifting to cheaper alternatives from South America.

Market data shows that Indian soymeal for June shipment is offered at around $680 per tonne FOB, while South American suppliers are pricing closer to $430 per tonne. “Indian prices are significantly higher than global levels. Crushers are not even receiving new export inquiries anymore,” said Manoj Agrawal, managing director of Maharashtra Oil Extractions.

Buyers are increasingly turning to South America, where rising output has strengthened price competitiveness. Traditional import markets include countries in Asia and Europe such as Bangladesh, Nepal, Germany, and the Netherlands, but demand for Indian product is now weakening as buyers switch origins.

Domestic prices in India have also surged sharply, with soymeal rising 47% over the past month and 85% since the start of the season on October 1. The increase is driven by higher soybean costs due to lower yields and adverse weather conditions, as well as steady demand from the poultry sector. Analysts say the situation reflects broader volatility in the global feed protein market, where weather risks, logistics, and shifting supply patterns continue to drive price swings.

Tags: export, India, soybean meal