India’s 2018-19 (Oct-Sep) soybean imports have already touched last year’s level of 150,000 tn and some more shipments are likely soon due to a rise in domestic consumption and cheaper global prices, industry players said.

“Soybean imports during Oct-Jun were around 150,000 tn and in rest three months the oilseed’s imports is expected to rise further by 12,000-15,000 tn,” GGN Research Managing Partner Govindbhai Patel said.

However, the pace of imports will slow down in rest of the season as most of the crushing plants usually shut for maintenance.

Soybean futures ended the Friday session with the front months 3 to 3 1/4 cents higher. August soybean meal was down 80 cents/ton, with soy oil 51 points higher.

US soybean exports during June totaled 3.193 MMT (117.34 mbu), according to Census data. That was record high for that month and 2.25% larger than May. Of that total, a record 1.727 MMT (63.46 mbu) was headed to China.

Friday’s Commitment of Traders report showed the managed money spec funds adding 15,083 contracts to their net short position at -53,572 contracts in the week ending July 30.