Philippines Third Largest Market for US Soybean Meal
21 February 2012
PHILIPPINES - The Philippines was the 3rd largest market for US soybean meal (SBM) and the world's largest coconut oil (CNO) exporter in both 2010 and 2011.
An expanding livestock sector, rapidly growing economy and an appreciating currency drove demand for SBM to approximately 1.7 million tons in 2011, and 2012 levels will likely reach 1.9 million tons.
However, when SBM prices spike, some farmers use a combination of copra meal and vitamins as a substitute. Copra meal production surged in 2010 to 920,000 tons due to record level copra output. It then fell to 770,000 tons in 2011, and is expected to remain at this level in 2012, as coconut palms take a 'biological rest' after three consecutive years of heavy nut-bearing.
Accordingly, CNO production and exports declined to roughly 1.47 and 0.9 million tons, respectively, in 2011, and will likely remain at this level in 2012.
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