Egypt’s soyabean imports are forecast to decline significantly in the current marketing year due to the ongoing Russia/Ukraine conflict driving up commodity prices, according to a report by the United States Department of Agriculture (USDA).
The war had also affected the availability of hard currency in Egypt needed for the release of soyabean shipments from ports, the USDA’s Oilseeds and Products Annual said.
Egypt imported a record 4.07M tonnes of US-origin soyabean exports in the 2021/22 marketing year, according to the 24 April report.
However, Egypt’s production of soyabeans was likely to increase in the 2023/24 marketing year in response to high prices, the report said.
The USDA forecast Egyptian soyabean production to increase to 85,000 tonnes in the current marketing year (October-September) due to an increase in planted area.
Soyabean consumption in Egypt in the current marketing year was forecast at around 2.54M tonnes, due to increased crushing amid availability of more soyabeans to crush compared to the previous marketing year.
Egypt’s domestic consumption of soyabeans for food use in the 2023/24 marketing year was expected to remain around 17,000 tonnes, the USDA said.
The USDA expected soyabean meal production in Egypt to reach 2M tonnes in the current marketing due to an increase in crushing activity.
Egypt’s soyabean meal consumption in the current marketing year was forecast at 2.25M tonnes due to a slight pick-up in feed demand from the poultry and aquaculture sectors.