The industry is optimistic about soybean meal demand in Thailand and Vietnam

Introduction: Singapore (Reuters) - January 22: oil seed traders in Asia said on Tuesday that soybean meal buyers in Southeast Asia had been waiting for prices to fall, and now they are slowly returning to the market as Chicago soybean meal prices show signs of weakening With Thailand's decision to impose no restrictions on soybean meal imports and Vietnam's aquaculture industry's slightly higher demand for feed, Asian traders are more confident that business will pick up slightly in the coming weeks But as far as the Southeast Asian market as a whole is concerned, the biggest problem remains whether Indonesia plans to approve the US agricultural export credit guarantee plan this year 'in the past ten days, there have been some soybean meal businesses to Thailand and Vietnam, and we expect more business to these countries in the next few days,' said one of Singapore's largest oil seed traders Last week, Thailand's Ministry of Commerce said it would impose no restrictions on soybean meal imports in 2002, only a 5% tariff Thailand relies on imported soybean meal and purchases more than 1 million tons of soybean meal every year from the United States, South America and India However, due to Jakarta's approval of the US agricultural export credit guarantee (i.e gsm-102) which was delayed for four months, it still failed, which led to a hit on Indonesian sales This guarantee from the U.S government will mortgage American private banks and provide loans to approved overseas banks to fund the U.S agricultural sales Asian traders said CBOT's soybean meal prices have fallen in the past two trading days, so Southeast Asian soybean meal buyers expect the decline to continue But other regional traders believe that if Argentina's financial crisis continues, the strong demand for American soybean meal in the international market may push up the international soybean meal price again Another Singaporean oilseed trader said buyers were still avoiding contracts to buy Argentine soybean meal because they wanted to wait for a while On Friday, CBOT soybean meal closed mostly lower, down $4.10 to 70 cents, driven by profit taking On Monday, CBOT closed for Martin Luther King Day Small buyers are targeting Indian and Chinese soybean meal, said a trader Small buyers in Southeast Asia are mainly looking at Indian soybean meal In addition, there are also some quotations for Chinese soybean meal He heard that countries like Vietnam and Malaysia had bought small quantities of soybean meal from China According to regional traders, the current CNF price of Chinese soybean meal in Vietnam is about $200 per ton, while that of Indian soybean meal is about $201 per ton As far as big buyers are concerned, South Korea will not enter the market immediately Their demand for the next three months has been quite adequate Japan is focusing on Chinese soybean meal, and to some extent, China is replacing Indian soybean meal Recently, South Korea has increased the purchase of meal other than soybean meal One trader said they (Korean Buyers) were trying to reduce their dependence on soybean meal and expand their sources of choice Last week, South Korea mainly purchased cottonseed meal and rapeseed meal, mainly from India and China, but in small quantities One trader said that business with the Philippines would not be very big at present, because the Philippines is still struggling with a large number of corn shipped from the United States Malaysia's interest in soybean meal is also very low (author:) share to feed Weibo share to: