Soymeal Sticker Shock: Indian Exporters Stare At Empty Order Books

Anirudh Jain May 19, 2026 470 Views

Indian soymeal exporters say new overseas orders have virtually dried up after prices jumped this month, sharply denting the country’s competitiveness in the global animal feed market. Industry officials now expect soymeal exports in 2025/26 to fall to about 900,000 metric tons, less than half of last year’s 2.02 million tons.

The reversal comes after a strong export run in the previous season, when Indian soymeal found buyers in Asia and beyond on the back of attractive prices and supply tightness elsewhere. With domestic prices rising, that equation has flipped, pushing importers to cheaper origins and leaving Indian plants underutilised.

Why New Orders Have Stalled

The recent price rise has made Indian soymeal significantly costlier than supplies from competing exporters. For global feed makers working on tight margins, even a small price gap is enough to shift demand. As a result, exporters report that fresh inquiries have slowed and firm contracts have largely stopped coming through.

Sharp Drop Forecast For 2025/26

Industry projections of about 900,000 metric tons of soymeal exports for 2025/26 mark a steep decline from 2.02 million tons a year earlier. Such a drop would hit crusher margins, reduce capacity utilisation and could weigh on soybean crushing volumes, with knock on effects for farmers, processors and the wider oilseed complex.

What It Means For Farmers And Feed Markets

For soybean growers, weaker export offtake for meal could eventually feed back into farm gate price pressures if crushers cut back on procurement. For domestic poultry and livestock feed makers, however, softer export demand may offer some relief if more soymeal is available locally, potentially tempering input costs over time.