June 29, 2007

South East Asia unlikely to see higher US soy imports this year

South-East Asian countries may not see any huge increases in imported US soy for this year despite higher demand for it around the world, John Lindblom, regional director of the American Soy Association said Thursday (Jun 28).

South East Asian countries have consistently used almost half of the two-million tonnes of US-imported soy for food use, he added.

Lindblom said global soy prices would continue to rise this year because of lower acreage in the US and rising demand from the biodiesel sector.

Soy prices have risen by nearly 14 percent since the start of the year and by around 23 percent from the same period last year as more farmers switched to growing corn for the ethanol industry.

The huge proliferation of biodiesel plants in the US is also spawning a huge demand for soyoil, he said. Low global soy stocks currently adds further impetus for high prices, he added.