Chicken-feed costs to decline as soybean prices in North and South America set to fall on bumper harvest

By Rathindra Kuruwita

A potential bumper harvest of soybean in South America and the USA in 2024 would see a significant drop in soybean import prices, and it could help countries like Sri Lanka that imports the commodity from the U.S.A. as a key poultry feed, Jim Sutter, CEO at U.S. Soybean Export Council (USSEC) told The Island recently.

“Apart from that, as we now directly collaborate with Sri Lankan poultry farmers, they are exposed to the latest technologies that enhance productivity. This would also help bring down the price of chicken in Sri Lanka,” Jim Sutter said.

Meanwhile, USSEC Chairman, Stan Born said that soybeans Sri Lanka imports from the USA have intrinsic benefits that soy from other sources can’t give.

“We provide a high-quality product that will put on flesh faster and more economically. Quicker turnover of animals should have a positive impact on price and a positive impact on availability,” he said.

Born said sustainability is extremely important for the Sri Lankan government and the people of Sri Lanka, and therefore, USSEC has continuously worked with its partners to improve sustainability in agriculture.

“We have managed to increase production of soybean, while we have also gotten better at less erosion, less greenhouse gas emissions and greater sustainability of the overall process. We demonstrate while we increase production, while doing it more sustainably. What we really want to do is to help Sri Lankan farmers increase their productivity in a sustainable manner,” he said.