US Soybean Producers Meet Indonesian Importers

Jakarta (Antara) - The United States soybean producers met with their Indonesian importers during an event here last Thursday, according to the US Embassy in Jakarta on Saturday. The embassy said on its official web site that US Embassy Chargé d'Affaires Kristen Bauer delivered welcome remarks at an April 4 event that included government representatives, importers, local industry associations, and visiting members of the US Soybean Export Council. The US Soybean Export Council represents soybean producers, shippers, and merchandisers. The event gave visiting Council members the opportunity discuss with Indonesian public and private sector stakeholders commodity markets and the availability and quality of U.S. soybeans. Agriculture is a key component of the US-Indonesia bilateral trade, and Indonesia is the 3rd-largest market in the world for US soybean exports. The US Government supports collaborative efforts with Indonesia that increase sustainable production in agriculture, encourage private sector investment, preserve the natural resource base, and increase bilateral trade flows. Last year, Indonesia's market ran short of soybean supplies, generating price increase of soybean products such as tempe (fermented soybean cake) and tofu. Indonesia sourced 851,286 tons of soybean locally in 2011, or only around 29 percent of its total consumption of 2.09 million tons, meaning the bulk came from imports, according to data quoted by the Jakarta Post from the Central Bureau of Statistics (BPS). Record soybean prices in the drought-stricken United States, the largest supplier of soybeans to Indonesia, significantly pushed up prices of the commodity in the local market last year with tempe and tofu producers threatening to halt production. Retail prices of imported soybeans hit Rp 8,000 per kilogram (85 US cents), up 60 percent from regular prices in July last year that settled at around Rp5,000 per kilogram. However, this was still lower than locally produced soybeans, which sold at about Rp9,000 per kilogram.(*) (T.A014/A/A. Abdussalam/F. Assegaf)