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Soybean imports in Thailand will rise by 11 per cent in market year (MY) 2013/14 due to growing demand from livestock and aquaculture sector
The soybean meal demand in livestock sector is driven by broiler, poultry layers and hog operations. In aquaculture, soybean meal sees a huge demand for feeding shrimps.
Soybean meal imports are also likely to climb another three per cent in MY 2014/15.
Local crushers normally import US soybeans only when South American supplies are short or North American prices are low, according to media reports.
US market share of the Thai soybean import market soared to 32 per cent in MY 2012/13 as a result of drought in Brazil and Argentina. However, the share is likely to fall again to 19 per cent to 20 per cent in MY 2013/14 as soybean crop production in the southern hemisphere return to normal levels.
Thailand’s major soybean meal import suppliers are Brazil, Argentina and India.
US soybean meal recently became more competitive when US soybean meal prices declined sharply in October and November 2013. As a result, Thailand is likely to import 300,000-400,000 metric tonnes of US soybean meal in 2014.
Fish meal production is expected to be around 450,000-460,000 metric tonnes in 2014 and 2015.