PH to import more soybean meal
The Philippines, the largest market for U.S. soybean meal (SBM), will see its soybean imports increasing from 25,000 tons to 265,000 tons in this market year (MY), with over 80 percent expected to come from the United States.
“Driven by strong feed demand from the domestic hog and poultry industries, SBM imports are forecast to reach a record 3.15 million tons in MY 19/20, up 200,000 tons from the previous year’s level,” US Department of Agriculture (USDA) said in a report.
Right now, Philippine soybean production is negligible and the small amount of imports is purchased largely by a lone crusher.
This lone soybean crusher is also currently building a soya drink facility in partnership with a Hong Kong-based beverage company, a move that will drive the total SBM imports of the Philippines.
The plant is expected to begin operations in the second half of 2019. The plant, according to an industry contact, may import soymilk puree, powder, and/or whole beans.