Vietnam: The price of soybean meal suddenly skyrocketed, and livestock businesses were insecure

Source: nhandan.vn According to records from the Vietnam Commodity Exchange (MXV), there was a session when the price of this item increased by more than 3%. So what is the cause of the prominent fluctuations in soybean meal prices in the recent period? Answering this question, livestock businesses can also identify the possibility of price reversal to come up with an appropriate purchasing strategy. Vietnam ranks second, only behind the US in annual soybean meal import volume. This by-product is obtained after extracting oil from soybeans, and is used to provide protein in livestock. With the recent rapid increase in prices, our country's import businesses have begun to be "nervous" under the pressure of raw material costs. The unexpected development comes from the most basic reason: America, Brazil and Argentina are the three countries with the largest soybean production in the world. However, if the US and Brazil have strengths in direct soybean exports, Argentina has been the ...