January 10, 2023

Indonesia to carry out special intervention to reduce soybean prices

Indonesia's Ministry of Trade said it will conduct a special intervention to reduce rising soybean prices in the market, Antara reported.

Zulkifli Hasan, Indonesia's Trade Minister, said special interventions will be carried out the following week due to the high price of soybeans on the market.

There will be another meeting next week to investigate the causes of the price's stagnation and learn specifically about market challenges, he said.

Hasan said the cost of soybeans is currently between IDR 13,000 (~US$0.83; IDR 1000. = US$0.064) and IDR 14,000 (~US$0.90) per kg in the market.

He said the selling price should be only IDR 11,000 (~US$0.71) per kg, if the Indonesian Bureau of Logistics' soybean import process is carried out well.

He expressed his hope that the government's initiatives would quickly lower the market price of soybeans and ease business conditions for tempeh and tofu producers.

-      Antara News