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MY 2014/15 Soybean Meal Imports Forecast to Rise Slightly

17 March 2014
USDA Foreign Agricultural Service

PERU - Peru’s fishmeal production in marketing year (MY) 2014/15 (January-December) is forecast to reach 950,000 metric tons (MT), a volume largely unchanged from the MY 2013/14 estimate. Fishmeal production in MY 2013/14 is estimated to drop 80,000 MT or almost 8 percent compared to MY 2012/13 levels.

Peru’s total fishing quota for anchovy (Engraulis ringes), commonly known as anchoveta, in calendar year (CY) 2013 was set at over 5.1 million metric tons (MMT). Reduced fish stocks in 2013 however led to a smaller 4.5 MMT catch for production.

Fishmeal exports in MY 2014/15 are forecast at 1.0 MMT, up 120,000 MT or almost 13 per cent compared to our MY 2013/14 estimate of 930,000 MT. With fishmeal trading at $1,599/MT, it is Peru’s fourth largest export in value-terms trailing only gold, copper, and petroleum exports in importance.

The Ministry of Production oversees Peruvian fisheries. Overfishing has forced the ministry to slash fishing quotas by 68 per cent, as well as ban large-scale industrial anchovy fishing within 10-miles from Peru’s coast.

The Vice Minister for Fisheries decreed recently the establishment of boat specific quotas. Individual boat quotas are now set based on the vessel’s historic catch record and its proven storage capabilities.

Soybean meal imports in MY 2014/15 are forecast to surpass 1.1 MMT, up less than one per cent compared to our MY 2013/14 estimate. Peru does not grow soybeans in commercially significant quantities, nor does it currently produce soybean meal.

Further Reading

You can view the USDA GAIN: Peru Oilseeds and Products Annual 2014 report by clicking here.

TheCropSite News Desk

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