Reuters quoted leading trade agencies as saying that due to excessive rainfall and pests and diseases during harvest, India’s soybean production is expected to be nearly 15% lower than previous estimates. The production is now estimated at 10.46 million tons. India may need to increase imports of palm oil, soybean oil and sunflower oil from Indonesia, Malaysia, Argentina and Ukraine.
the Indian Soybean Processors Association said that regular rains and disease attacks during the harvest have severely affected the crops and reduced yields. Earlier, the trade organization estimated that the output on the higher area was 12.25 million tons and expected to increase production. In a letter to the market regulator, the Securities and Exchange Commission of India, the trading group demanded that excessive speculation caused soybean prices to rise and that it was necessary to suspend soybean futures trading.