Soybean shipments to India fell 15% in October-November due to low prices and weak demand

Soybean supplies to the Indian market have declined by about 15% in the first two months of MY 2024/25 as growers hold back sales in anticipation of better prices, reports Business Line.

Soybean prices have been bearish this harvest season, trading below the minimum support price (MSP) of ₹4,892 per quintal ($57). Prices are currently hovering around ₹4,200 ($49.5).

According to analysts, soybean carryover stocks for 2024/25 are expected to be around 11.16,000 tons, more than half the 24,000 tons in the same period last year.

Earlier, it was reported that India’s vegetable oil imports rose to 1.63 million tons in November, up 10.4% from a month earlier to the highest in four months.

Tags: prices, soybean, India, imports