India seals deals to import 250,000 tons soy meal, buys back exported cargoes
A sharp rise in Indian soy meal prices meant that sending the cargo back to India was profitable by at least $500 tons more than selling the consignment to Europe, said a German trader.
According to traders, India has signed a contract to buy 250,000 tonnes of soy meal, including 15,000 tonnes that Indian dealers sold out only two months ago.
For the first time, New Delhi permitted the import of genetically modified (GM) soy meal last month to aid the poultry industry, reeling from a triple-digit increase in local social costs to a record high in a year.
“Traders bought back Indian soymeal that was shipped two months ago this week, sensing enormous profit,” claimed a Mumbai-based dealer with a worldwide trading firm.
According to a third German dealer, India might buy most soy meal from Argentina and some cargoes from a few Asian countries, with 100,000 tonnes of Argentine soymeal purchased in the last two weeks of August, followed by roughly 90,000 tonnes from other Asian countries.