Russia: Soybean imports to Vietnam decline due to lower meal consumption

Soybean

Published Feb 9, 2024

Tridge summary

Vietnam's soybean and soybean meal imports have decreased due to increased feed prices and reduced livestock sector demand, but are expected to rise in 2024. Brazil's soybean exports have reached a record 100.0 million tons, despite a production forecast drop, while U.S. soybean shipments have decreased by 23%. Global oilseed production forecast has been reduced to 659 million tonnes due to significant reductions in Brazilian soybean and Chinese sunflower plantings. The average seasonal farm price for U.S. soybeans has been lowered to $12.65 per bushel due to a faster-than-average Brazilian harvest and reduced Asian import demand. Soybean oil prices in Argentina and Brazil are at a 3-year low due to weak demand and abundant supplies, while palm oil prices are increasing due to seasonal production and inventory declines in Malaysia.

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Original content

Vietnam's soybean imports decline due to lower meal consumption According to new estimates, in 2023 (2022/23 MY), imports of soybeans and soybean meal are reduced by about 200,000 tons this month. Soybean meal imports fell to a 6-year low, while soybean imports fell for the second year in a row. Much of this decline can be attributed to higher feed prices, which has reduced demand for aquaculture products as well as for early slaughter of pigs. In early 2023, high soybean meal prices and lower demand from the livestock sector led to a decline in soybean meal consumption. By the summer of 2023, refining margins in Vietnam had turned negative due to the easy availability of palm oil and lower soybean meal prices, especially from South America. These combined factors contributed to above-average soybean meal imports. Pig slaughter accelerated in the fall of 2023 due to concerns about increasing outbreaks of African swine fever and persistently low hog prices that forced some small ...

Source: Oilworld