Taiwan’s demand for soybean meal continues to be the driving force behind Taiwan’s demand for imported soybeans. Soybean import forecast for MY2014/15 is 2.2 MMT, on a par with MY2012/13 imports. A lower soybean import estimate for MY2013/14 of 2.1 MMT is primarily due to Porcine Epidemic Diarrhea virus (PEDv) outbreaks on the island, resulting in a smaller hog population. Local pork prices are at record highs with the Council of Agriculture (COA) seeking remedies to appease consumers. Though facing fierce competition from South American soybeans, U.S. share is anticipated to remain 50% if prices remain competitive.
