May 14, 2007

Philippines to import less soymeal this year

The Philippines is expected to import less soymeal this year amid lacklustre feed demand and political uncertainty brought about by domestic midterm elections in May, reported the US agricultural attache in Manila recently.

2007 soybean imports are also forecast to decline from last year due to high prices of the bean.

However, the attache expects Philippine soymeal imports to improve in 2008 due to a drop in global soybean prices then and normalising of the domestic political situation.

A drop in domestic copra output is seen to dampen copra meal production in marketing year 2007/08. Consequently, the country is expected to step up copra imports over the next two years.

Philippine copra meal exports in 2007 are seen lower on-year due to tighter supplies.