The price of soya bean has gone up to K2 700 per ton from K2 200. According to the Zambia Commodity Exchange (ZAMACE), international demand spurred the increase.
“The demand for soya beans on the international market has gone up from about September 2017, with buyers offering up to K2 700 per ton,” said Jacob Mwale, ZAMACE Executive Director.
Launched in 2016, ZAMACE provides an agricultural commodity exchange, supported by a warehouse certification and receipt system to enhance market access, liquidity and credibility in the commodities market.
Zambia’s soya bean production increased to 351 416 tons from last year’s 267 490. However, prices plummeted from K220/50kg, to as low as K70/50kg this year.
According to the International Trade Centre, Zambia’s main export destinations in 2016 were Botswana, South Africa, Zimbabwe and Tanzania.
Compounding the situation is a decline in the uptake of soya bean by local edible oil farmers, who stayed away from the crop due to an influx of cheap imports.
Mwale advised farmers against selling their crop immediately after harvest, as they risked low prices from the opening market.