October 14, 2021

 

Bangladesh government bans soymeal exports

 

 

The Bangladesh government, starting today, has banned the exports of soymeal to contain the price surge of key ingredients of poultry and cattle feed, The Daily Star reported.


However, exporters could ship the feed ingredient until October 20 against the settlement of letters of credit or telegraphic transfers until October 13, it said.


The move came from demands from feed millers, poultry industry operators and dairy farmers as prices of soybean cake spiked 41% year-on-year to Tk53-55 (~US$0.62-0.64; Tk1 = US$0.012) per kilogram in August after India allowed imports to meet its domestic shortfall of soymeal.


Soymeal makes up 25-35% of animal feed in Bangladesh.


The country requires 20 lakh tonnes (two million tonnes) of soymeal, and 80% of the ingredient come from local crushing mills that import soybeans and supply to both edible oil and feed industries.