Indonesia plans to import up to 350.000 tons of soy

Indonesia intends up to 350.000 tons Soybeans to import to meet the needs of domestic food producers against the backdrop of rising food prices. This was stated by Indonesia's Trade Minister Zulkifli Hassan, Reuters reports.

In particular, the Indonesian State Food Purchase Agency will buy Bulog oilseeds at a price of 11-12 thousand rupees per 1 kg, while soybeans will be sold at 10 thousand rupees per 1 kg in the domestic market. According to Bulog, negotiations are under way to purchase the first 50 thousand tons of soybeans.

It is also noted that domestic soybean prices in Indonesia were 4 thousand rupees per 14,8kg as of Nov. 1, according to the ministry, which is 18% higher than the average at the end of 2021.

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