MUMBAI, INDIA — India is expected to produce nearly 15% less soybeans than the previous estimate due to excessive rainfall during harvesting and pest diseases, Reuters said, citing a leading trade body.
Production is now estimated at 10.46 million tonnes. India may need to increase its imports of palm oil, soy oil and sunflower oil from Indonesia, Malaysia, Argentina and Ukraine.
The Soybean Processors Association of India said regular rainfall during harvesting and disease attacks badly affected the crop and let to low yields, Reuters reported.
Earlier, the trade group had estimated production at 12.25 million tonnes on a higher area and expectations of a yield increase.
Excessive speculation has caused the soybean price to rise and there is need to suspend futures trading in soybean, the trade group demanded in a letter written to market regulator Securities and Exchange Board of India.