India-bound soybeans reportedly diverted to Asian buyers at steep discounts amid customs scrutiny

Reuters, published by The Economic Times, reports that four trade sources said around 11,000 metric tons of India-bound soybeans were diverted to Vietnam, Indonesia and Bangladesh after Indian buyers refused delivery amid customs scrutiny. Indian authorities are investigating whether imports declared as originating in Niger actually came from Nigeria and were mislabeled to avoid tariffs. Traders said buyers feared a 45% duty if the shipments’ origin could not be proved.