Organic soybean meal prices in India remain subdued, hovering near the $605 level FOB India. The Jacobsen has heard prices as low as $590, and as high as $620. Soybean prices in India have been weighed down by robust soybean imports into India following free trade agreements from African countries that eliminated the 30% oilseed import duty during the February through April period.
Planting of soybean in India has climbed for the 2020/2021 season which was likely a function of the increase in the minimal selling price which was increased to $490-500 US per metric ton (conventional which are non-GMO). With rains helping to buoy yields, it appears destine that the Indian government will be purchasing substantial volumes of beans.
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