India's soya imports hit record high

India's soyabean 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 soyabeans to India since December, shipping mainly from the African countries of Ethiopia and Benin with which the South Asian nation has concessional import duty agreements.
India's soyabean 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 broker told Reuters on the sidelines of an international grains event in Singapore. Soyabeans in India are quoted at $580 to $600 a tonne. "Last year people imported beans but volumes were small," the broker said, adding that interest to buy beans has risen since December as the lower domestic crop tightens supplies.