November 12, 2008
Australia's soy industry is expecting production to more than double this year due to favourable market conditions, said an industry expert.
Higher prices, growing demand and high fertiliser costs are attracting producers back to soy crop, said Peter Brodie, chairman of the Australian Oilseeds Federation soy committee.
As soy are legumes, they should not require any nitrogenous fertilisers.
Brodie said soy producers are becoming more confident in growing the crop, as demand for soy is increasing and the outlook for this year is positive.
The enthusiasm for soy is growing despite floods in northern New South Wales that slashed last year's output, Brodie said.