Logo of Phnom Penh Post newspaper Phnom Penh Post - Soybean exports to rise on high prices

Soybean exports to rise on high prices

Soybean exports to rise on high prices

110530_8
A woman displays her soybeans for sale at Phsar Kapko market in Phnom Penh last week. Photo by: Meng Kimlong

SOYBEAN export tonnage more than doubled in the first four months of the year compared with the same period last year, according to statistics from the Ministry of Commerce’s Camcontrol Department.

Some 2,479 tonnes of soybeans were exported during the period in 2011, up from 823 tonnes in the period last year, the statistics show.

Camcontrol Director Khuon Savuth said the ministry was working to directly connect Cambodian farmers with foreign buyers with the goal of increasing agricultural exports.

“This avoids the loss of profit to middlemen – a reason why farmers cultivate other crops instead [of soybeans],” he said.

Ministry of Agriculture, Forestry and Fisheries officials pointed to strong growing conditions for soybeans in the last year.

“Last year, farmers extended cultivation and the weather was favourable for soybeans as well,” said Khan Samban, director of the Ministry’s Agro-Industry Department. “Also, soybeans are more in demand in markets.”

United States soybean prices closed Friday at US$13.7975 a bushel in Chicago trading.

The price has gained 45 percent in the past year as Chinese purchases climbed to a record.

Khan Samban added that the ministry urged private sector producers to act together to acheive higher prices.

Cambodian traders say they are seeing rising demand for the crop in recent months.

“Soybeans are being sold to Vietnamese traders, because their demand is increasing and they buy at high price,” said Ngao Chea, a soybean trader from Battambang province.

His beans are fetching $720 per tonne this year, from $520 a tonne last year.

He said he has sold two thirds of the 60 tonnes he had purchased from farmers during the harvest season.

However, despite high prices, he said the province’s farmers will reduce soybean cultivation to plant more cassava and corn, as they offer higher yields and are also subject to rising demand from international buyers.

Ministry of Commerce statistics show Cambodia’s exports of soybeans totalled $11.14 million and 49,769 tonnes last year. ADDITIONAL REPORTING BY BLOOMBERG

MOST VIEWED

  • Time to avert disastrous Covid situation: officials

    The Covid-19 situation in Cambodia is heading towards further large-scale community transmission as the total number of confirmed cases is nearing 61,000 and the death toll passed 900 on July 10, senior health officials warned. Ministry of Health spokeswoman Or Vandine expressed concern that the country was going

  • Two luxury hotels latest quarantine options for inbound travellers

    The Inter-Ministerial Committee to Combat Covid-19 has designated two luxury hotels as alternative quarantine options for travellers who wish to enter Cambodia through Phnom Penh International Airport – Sokha Phnom Penh Hotel & Residence and the Courtyard by Marriott Phnom Penh. In a notice detailing guidelines issued

  • Visa A holders get to quarantine at Himawari Hotel

    The Ministry of Health has permitted foreign diplomats, UN and International NGO officials to undergo quarantine at Himawari Hotel in the capital in case they do not have a separate place suitable for this purpose, but the government would not be responsible for the expenses.

  • Baby saved as mother is lost to Covid

    Newborn baby Neth David has had a rough start in the world. His mother, Vong Daneth, was seven months pregnant when she contracted a severe case of Covid-19. When it became clear to her doctors that she would not survive, they performed a cesarean section

  • Jabs for kids bring hope for school reopenings

    Cambodia is tentatively planning to reopen schools – at least at the secondary level – when the vaccination of children aged 12-17 is completed, even though daily transmissions and deaths in other age groups remain high. Schools across the country have been suspended since March 20, one month

  • Hun Sen: Get 12-17 age group ready for Covid jabs

    Prime Minister Hun Sen has told parents of children aged 12-17 in Phnom Penh and the provinces of Kandal and Preah Sihanouk to get them ready for vaccinations soon. “There is a need to vaccinate children and youths aged 12 to 17. According to the statistics provided