VIETNAM’S SOYBEAN MEAL USE ON UPSWING
A recovering economy in Vietnam will see the country boost its consumption of soybean meal for feed use to 5.85 million tonnes during marketing year 2023-24, which would be 200,000 tonnes over the previous year, and up to a projected 6 million tonnes in 2024-25, according to a report from FAS. Soybean imports for 2023-24 are seen at 2.25 million tonnes and 2.5 million tonnes the following marketing year. According to Vietnam Customs, the country’s soybean imports as of Dec. 31, 2023, reached 1.86 million tonnes, the FAS said, remaining flat compared to the same period the previous year. Brazil was the largest soybean exporter with 53.1% of the market share and the United States held 36.5%. Vietnam’s domestic soybean production is small and shrinking with 45,000 tonnes estimated for 2023-24 and 42,000 projected for 2024-25 on a planted area of 28,000 and 26,500 hectares respectively.
Vietnam’s Ministry of Agriculture and Rural Development (MARD) monthly report noted that the total swine population increased by 4% and the total poultry flock rose by 3% in 2023. The FAS is projecting the pace of animal production in Vietnam will increase as the economy continues to gain strength. Total feed demand in 2023-24 is forecast to increase to 26.5 million tonnes due to a projected rebound in demand for aquafeed. The FAS sees total feed demand in 2024-25 increasing to 27 million tonnes as Vietnam’s economy rebounds, particularly in industrial zones, tourism and services sectors. Soybean meal is the major protein source in all aqua and animal feed formulations in Vietnam, ranging from a 15% to 35% share of the total ingredients.
(Link: WorldGrain)
CSX STARTS NEW FREIGHT RAIL ROUTE TO AVOID BALTIMORE PORT CLOSURE, CNBC REPORTS
Rail company CSX will start a new freight rail service between Baltimore and New York for its clients on Tuesday to circumvent the closure of the Port of Baltimore following the collapse of a major bridge. Supplies from Baltimore, which is one of the most busiest ports on the U.S. East Coast, have been disrupted following the deadly collapse of the Francis Scott Key Bridge that was struck by the Dali, a massive cargo ship. The Energy Information Administration last week said that the port closure primarily impacts U.S. coal exports and reduces the bunker fuel usage.
(Link: Reuters)
