Soybean & Soy Meal Price Outlook India: September 2026
India's soybean crop faces a weak monsoon, while record imports and slumping meal exports are reshaping the soymeal market. Our September 2026 outlook covers the supply picture for feed buyers, crushers and traders.
Monsoon deficit puts soybean yields at risk
June–September rainfall was 15% below normal. Central India, which grows about 44% of India's soybean, fared relatively better, while Maharashtra (about 38%) saw stress, especially in Marathwada. Late-September rain adds harvest risk. In past El Niño years, soybean area rose but yields fell 21.9% in 2015 and 7.6% in 2023.
Sowing recovered strongly after a slow start
Soybean sowing lagged last year by 65.5% in late June, then recovered rapidly through July to reach 11.99 million hectares by 7 August. By the second week of September it was just 0.80% below last year.
Imports surge as meal exports slump
Tight domestic bean stocks pulled in 910 KMT of soybean imports between October and July, against only 4 KMT a year earlier. Soymeal exports fell 48% to 0.89 million MT, weighing on crush demand, while DDGS exports rose 43% to 253 KMT in the first half of 2026, adding competition for soymeal in feed.