September 5, 2007

Philippine 2007 soymeal imports seen at 1.4 million tonnes
 

Philippine soymeal imports this year will likely hit 1.4 million tonnes, up from 1.2 million tonnes last year, largely on account of increased feed production, Selpha Trinidad, vice president for operations at Philippines' Cebu Superior Feed Mills Corporation, said Wednesday (Sep 5).

Speaking on the sidelines of the fourth South-east Asia-US Agricultural Cooperators' Conference, Trinidad said availability of a key feed ingredient, corn, would lag demand by 1.8 million tonnes this year, boosting demand for soymeal. Corn supply is expected to drop because of higher international prices amid the ongoing ethanol boom and higher import duties on the grain.

Corn prices in the Philippines have already gone up by 30 percent this year and may continue to rise as the shortage persists, she said.

At the same time, feed production is rising, boosting demand for soymeal.

"Largely due to increase in population and income, feed production is likely to go up by 10 percent in 2007," Trinidad said, adding that will also boost soymeal imports.