September 5, 2008

Global soymeal prices are likely to fall in the near-term as usage of soymeal in the livestock industry has been hit by high prices in the first half of the year, a US agribusiness executive said Thursday (September 5).

Peter D Mishek, director of Omaha-based Ag Processing Inc., said the downside will depend on how much demand from the livestock industry has been destroyed by high prices most of this year.

Mishek said on the sidelines of the US-Southeast Asia Agricultural Cooperators Conference that soymeal prices will fall from the current level of US$350/tonne over the next 2-3 months and may hover in the US$300-US$350/tonne range.

"The upside risk is quite limited," he added.