November 6, 2023

Vietnam's soybean meal prices at highest since late July as enterprises push imports

Soybean meal prices in Vietnam jumped by close to 20% in over three weeks following a period of weakening trend, Chăn nuôi Việt Nam reported on November 3.

Prices had hit the highest level since late July.

Vietnam ranks second after the United States in annual soybean meal import volume. With the recent rapid increase in prices, Vietnam's enterprises have been aggressive in their importation of soybean meal in the face of raw material's cost pressure.

However, the recent surge in US exports has added to concerns about shrinking supplies of soybeans for purchasing countries. So far in the 2023/24 season, US soybean meal exporters have sold a total of 5.5 million tonnes of soybeans, up 45% from last year. Accumulated sales have reached 40% of the total export forecast for the whole season.

Argentina is Vietnam's largest soybean meal export partner. The proportion of soybean meal coming from the country accounts for 58.5% of the total amount exported to Vietnam last year. But, the decline in Argentina's harvest earlier this year affected purchasing activities, while skyrocketing prices overwhelm many livestock businesses.

- eFeedLink