Iraq Emerges as a Soybean Importer
11.01.2025 09:12 "Agro Perspectiva" (Kyiv) —
According to the report of the USDA Oilseeds: World Markets and Trade (January 2025), after decades of relying on imported soybean meal to meet feed demand, Iraq emerged as a soybean importer in recent years. In 2023, Iraq built a soybean crushing facility at the southern Umm Qasr Port. The World Bank’s International Finance Corporation financed its construction, and the project also included warehouses to store both corn and soybeans. The new facility has a crushing capacity of around 3,000 tons per day, which is nearly sufficient to meet domestic soybean meal demand if operating at peak output. In 2022/23, Iraq imported 760,000 tons of soybeans, marking the first substantial trade volume in decades. The United States and Brazil are the primary suppliers of Iraq’s imports, and none are produced domestically. Soybean meal and soybean oil imports have declined in line with growth in domestic production of these products. Exports of soybean oil to India were reported in 2022/23 and 2023/24. In 2024/25, Iraq soybean imports are forecast at 800,000 tons. Marketing year-to-date (Oct-Dec), Iraq imported 460,000 tons, including 118,000 tons from the United States, showing a strong start to the year. This month, USDA’s Production, Supply and Distribution database was expanded to include soybeans and soybean oil balance sheets for Iraq starting in marketing year 2015/2016. USDA had maintained soybean balance sheets for Iraq from 1973/74 and 1984/85, a period in which annual soybean imports averaged 17,000 tons. AGRO PERSPECTIVA offers Agro + «Ukrainian Grain & Oilseed Market» weekly analytical bulletin. Concerning subscription please contact: client@agroperspectiva.com or +380675964652 (WhatsApp, Viber, Telegram).
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