Soybean import to rise 7.7pc

Bangladesh's soybean import is projected to rise by 7.7 per cent year-on-year to 28 lakh tonnes in 2022-23 marketing year beginning from October, according to the United States Department of Agriculture (USDA).

Moreover, the import of soybean meal and oil will see a slight fall thanks to a rise in supply and crushing of soybean seeds in Bangladesh, said a recent report -- Oilseeds: World Markets and Trade.

A total of 775,000 tonnes of soybean oil will be imported in 2022-23, which was 750,000 tonnes in the outgoing year.

And soybean meal imports are also projected to rise slightly to 400,000 tonnes by this time.

Riding on the increased soybean import, this year 2.9 lakh tonnes of oilseeds will be crushed, which is more than double than that of the previous year.

The domestic consumption of soybean oil will also rise by 2.71 per cent year-on-year to 13.25 lakh tonnes, according to the report.

Meanwhile, the import of palm oil is forecast to rise by 6 per cent to 14.3 lakh tonnes this year.

The USDA report stated that Indonesia's palm oil exports were lower by 30 lakh tonnes this month, down to a 12-year low of 2.50 crore tonnes.

The forecast is reduced on Indonesia's slow export pace through the first six months of the marketing year 2021-22 and various palm oil export policies in effect since November 2021.

Although the Indonesian government implemented a palm oil export ban on April 28, industry sources expect it to be short-lived and therefore have a limited impact on trade, the report said.

However, global soybean production in 2022-23 is forecast at a record 39.47 crore tonnes, up 13 per cent from 2021-22, thanks to the record production of the oilseed in Brazil and the United States.

Global soybean oil consumption is projected to rise by 2 per cent, mostly on the strength of China's food use demand and higher US renewable diesel production.

Exports are forecast to rise 4 per cent in 2022-23 with total global volume projected at a record 1.27 crore tonnes.

Export growth is likely to be driven by South America on production gains outpacing domestic consumption growth and reduced competition from the US due to high domestic industrial usage.

The remaining export growth is likely to come from European countries to offset the reduced sunflower seed oil trade in the region due to the conflict in Ukraine.

Global soybean meal consumption is projected to rise 3 per cent in 2022-23, a recovery from the slight downtick forecast for this year.