March 10, 2011

Indonesia's 2011 soy imports seen on steady level

Indonesian soy imports are estimated to be at an average level of 1.7 million tonnes this year, on steady domestic supply and demand, the chairman of the National Soybean Board stated on Wednesday (Mar 9).

"There is no significant increase in domestic demand. Production is likely to be flat this year because we don't see any increase in planted areas," said Benny Kusbini.

Indonesia expects soy production to increase nearly 3% to 934,000 tonnes this year, from 908,110 tonnes in 2010, the state statistics agency said in its first grains forecast for 2011 earlier this month.

The country imports 70% of its annual soy requirements, mostly from the US.

Indonesia has been struggling to increase soy production to stop its reliance on imported soy and aims to scrap soy imports by 2014. But production has not increased significantly.