Soybean Shortage Imminent, as Supply Falls Steeply - News at its peak

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Soybean Shortage Imminent, as Supply Falls Steeply

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High cost of poultry feeds has been identified as the main factor crippling the poultry sector, as shortage of soybean, a major ingredient used in poultry feeds, hits the country.

The poultry industry is currently in dire straits, forcing many farms and hatcheries to go underground. Those still operating are either struggling to remain in business at zero profit or incurring huge debts to stay afloat.

The price hike of this produce has been linked to shortage of maize, majorly due to the ban placed on its importation. According to experts, soybean is completely not available in the country today. Its supply has fallen steeply in recent months, due to insecurity that has put farmers off work last year, COVID-19 disruption, weather changes, and challenges with importation.

Experts claim soybean provides inexpensive and high-quality source of protein comparable to meat, poultry and eggs, hence its high demand, which cannot be met locally due to low yield.

In the last few weeks, a ton of soybean, which goes for N130, 000 last year, has risen to N310, 000 per ton, just as a 100kg bag is now N24, 000 from N12, 000. This development has taken prices of poultry products to their highest levels ever. A kilogram of chicken that previously sold for N800 now sells for N2, 000, while a crate of egg that sold for N700 now sells for between N1, 500 and N1, 600. For now, the demand for the produce has far outweighed supply, due to its increasing usage as raw material in livestock feed, industrial use and human consumption.

The United States Department of Agriculture (USDA) predicts that demand for imported soybean will increase in the country, as output growth is not expected to meet demand. Guardian

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