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1 |M a k i n g S e n s e o f V i e t n a m M a r k e t

WHAT WERE OUTSTANDING
OVER THE WEEK?


The volume of imported corn
delivered to Vietnam remained high
for the first half of April

Wheat harvesting pace of India was
delayed

China may continue cancelling
imports of soybeans

Domestic rice bran prices rallied

Re-production of pigs in Southeastern
region is difficult on plunged number
of sows




Weekly Report

Vietnam Animal Feed
Market
(Week 17/04-23/04/2014)


ANALYSTS:
TRAN NGOC YEN
TRAN THI NGA

TEL: 84 4 66823428
Email: tnyen.agromonitor@gmail.com
Skype: cmduc19
____________________________________
Vietnam Market Analysis and Forecast Joint
Stock Company AgroMonitor
Room 1604, Building No. 101 Lang Ha Street,
Dong Da District, Hanoi
Tel: 84 4 6273 3596 /Mobile: 0943 411 411
Email: info@agromonitor.vn
www.agromonitor.vn


Making Sense of Vietnam Market

2

Input Output of Animal Feed sector in the fourth week of April 2014 (As of April
23)
Item

Province
This week
(VND/kg)
Compar
ed to last
week
(VND/kg
)
Compared
to last
month
(VND/kg)
Compared
to the same
period last
year
(VND/kg)
Note
Input
Corn Dong Nai
6,000 0 -300 -1,175
Price at
warehouses
of buyers
Feed cassava Dong Nai
4,600 0 -575 200
Price at
warehouses
of buyers
Rice bran Kien Giang
4,800 200 -537 -550
Price at
warehouse
of sellers
Soymeal Dong Nai
14,500 0 450 500
Price at
warehouses
of buyers
Output
Live hog
Southeaster
n region
54,000 1,000 7,500 17,625
Price at
farm gate
Live hog
Mekong
River Delta
53,000 1,000 - -
Price at
farm gate
Piglets
Southeaster
n region
105,000 0 - -
Price at
farm gate
Colored chicken
(chicken seed)
Southeaster
n region
7,000 0
Price at
farm gate
Colored chicken
(broiler)
Southeaster
n region
41,500 2,000 10,250 375
Price at
farm gate
White chicken
(chicken seed)
Southeaster
n region
9,500 0 - -
Price at
farm gate
White chicken
(broiler)
Southeaster
n region
25,000 -2,000 - -
Price at
farm gate
Duck seed
Southeaster
n region
9,500 -1,000 - -
Price at
farm gate
Duck (for meat)
Southeaster
n region
40,500 -5,000 - -
Price at
farm gate
Chicken egg Southeaster 1,000 -100 - -
Price at


Making Sense of Vietnam Market

3

n region farm gate
Duck egg
Southeaster
n region
2,100 0 - -
Price at
farm gate
Live cow
Southeaster
n region
85,000 0 - -
Price at
farm gate
Black tiger shrimp
(30 heads/kg)
Ca Mau
280,000 0 38,333 115,400
Price at
lagoon
Black tiger shrimp
(40 heads/kg)
Ca Mau
220,000 0 16,667 65,400
Price at
lagoon
White shrimp
(90 heads/kg)
Ca Mau
112,000 2,000 -13,667 15,250
Price at
lagoon
Tra fish grade 1 Can Tho
25000 -500 1500 3750
Price at
lagoon
Tra fish grade 2 Can Tho
23500 -500 1000 3250
Price at
lagoon
Source: adapted by AgroMonitor













Making Sense of Vietnam Market

4

MARKET DEVELOPMENTS
OVERVIEW


Source: adapted by AgroMonitor

Domestic rice bran
prices rallied on tight
supply

Re-production of pigs in
Southeastern region is difficult
on plunged number of sows
Consumption of feed for
white shrimps is peaking

Some small and medium
feedmills in
Southeastern region
reduced their operation
capacity by 50%


Making Sense of Vietnam Market

5


Source: adapted by AgroMonitor




Brazil is about to finish
harvesting soybeans
China may continue
cancelling imports of
soybeans
Corn and soybean
harvesting pace in
Argentine is still
slow
Wheat winter
conditions of the U.S.
may be improved
Grain exports of
Ukraine slowed
down
Wheat
harvesting pace
is very slow in
India


Making Sense of Vietnam Market

6

MATERIALS PROVIDING CALORIES
CORN & DDGS, CORN GLUTEN
The volume of imported corn delivered to Vietnam remained high for the first half of
April 2014
According to AgroMonitors market information system, prices of South American corn
imported to HCMC port (bulk, delivered at the port) early this week kept unchanged at
VND 5,700/kg (excluding VAT). Accordingly, offers for corn delivered to warehouses of
feedmills in Dong Nai and farms were stable at VND 6,000/kg. For corn harvested in
Dong Nai and some provinces in the Mekong River Delta, the selling prices at
warehouses in Dong Nai were VND 5,800-5,900/kg, so prices of corn delivered to farms
in the province were about VND 6,000-6,100/kg, unchanged from a week earlier.
According to AgroMonitors market information system, early this week, some vessels
carrying South American corn arrived at Hai Phong port with the quite low prices of
VND 5,700/kg owing to low quality. For Indian corn, the prices of the ingredient
delivered at Hai Phong port were VND 5,800-5,900/kg. To date, corn procurement prices
of feedmills have been about VND 5,950-6,000/kg in Hung Yen and Hai Duong and
VND 6,000-6,050/kg in Xuan Mai. Given the prices, commercial enterprises still can sell
corn to feedmills if the transportation fee is shared equally to both buyers and sellers.
Moreover, it is also said that feedmills are negotiating to extend the time for corn
reception owing to their high inventories.
Offers for Indian corn to HCMC port/Hai Phong port (cont, delivery in May) turned to
climb to US$ 250/260/ton CFR, up by US$ 3/ton from a week earlier.
Procurement prices of whole-grain corn by week, 2010-2014 (VND/kg)

Source: AgroData


Making Sense of Vietnam Market

7

Corn imports of Vietnam, 2013-15/04/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 93.7 580.0 519.0
2 71.7 629.5 778.5
3 244.9 405.6 65.6
4 239.6 217.3 -
5 190.4

6 131.8

7 153.2

8 159.6

9 53.1

10 188.3

11 202.1

12 472.2

Total 2200.5 1832.4 -
Source: adapted by AgroMonitor
In the world market, CBOT corn prices turned to go down early this week on weak
import demand for U.S. corn. Moreover, that the weather was forecast to be more
favorable to corn planting in the U.S. also contributed to forcing the prices down.
World corn prices (US$/ton)
Market Basis Futures
Early this
week
Average
price last
week
Average
price last
month
Average
price last
year
USA CBOT May 193.8 196.7 189.9 226.6
USA CBOT Jul. 196.0 199.1 192.1 226.6
India NCDEX Apr. 193.0 193.6 197.5 207.3
India NCDEX May 198.2 198.4 197.5 207.3
India NCDEX Jun. 203.5 - 201.4 207.3
Ukraine FOB - 248.0 249.3 242.3 -
Brazil Local - 234.5 233.7 235.3 210.4
Brazil BMF May 229.9 233.3 227.4 -
Brazil BMF Jul. 215.6 218.8 213.6 -
Argentina FOB - 227.5 225.0 225.4 242.1
Source: adapted by AgroMonitor


Making Sense of Vietnam Market

8

Corn prices in some major markets in the world, 2012-2014 (US$/ton)

Source: AgroData
DDGS & corn gluten
According to AgroMonitors market information system, offers for DDGS imported from
the U.S. (delivery in May/June/July, HCMC port) in the week ending on April 17 were
US$ 368/363/363/ton, down by US$ 8/11/3/ton from a week earlier.
Similarly, regarding corn gluten (gluten meal), export prices of U.S. corn gluten (delivery
in May) in the week ending on April 17 dropped to US$ 890/ton FOB, down by more
than US$ 40/ton from a week earlier.
Refer to some DDGS import contracts, 10/04-16/04/2014:
Date Origin Port of discharge Basis Volume (ton) Price (US$/ton)
14/04/14 USA ICD Tay Nam CFR 1,300 317
14/04/14 USA Hai Phong port CFR 1,044 369
12/04/14 USA Cat Lai port CFR 690 307
11/04/14 USA Hai Phong port CFR 476 362
10/04/14 USA Hai Phong port CFR 445 310
11/04/14 USA Hai Phong port CFR 375 368
Source: adapted by AgroMonitor


Making Sense of Vietnam Market

9

DDGS and corn gluten imports of Vietnam, 2013-16/04/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 12.9 24.9 92.6
2 21.3 36.8 72.7
3 36.1 54.6 51.2
4 28.9 19.6 -
5 33.4

6 46.6

7 49.0

8 49.1

9 39.2

10 31.5

11 18.8

12 25.2

Total 392.0 135.9 -
Source: adapted by AgroMonitor
DDGS and corn gluten imports by market, 01/04-16/04/2014 (ton):
Ingredient Market Volume (ton)
DDGS United States of America 19,034
Corn gluten United States of America 552
Source: adapted by AgroMonitor
Prices of DDGS imported to some major ports, 2013-04/2014 (US$/ton, CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Cai Lai port (HCMC) 384.8 393.0 343.0 344.8 335.4
Hai Phong port 387.6 391.7 347.0 345.7 341.3
ICD Phuoc Long Thu Duc 384.8 389.4 340.7 344.0 345.1
Source: AgroMonitor, adapted from General Department of Vietnam Customs




Making Sense of Vietnam Market

10

Prices of corn gluten imported to some major ports, 2013-4/2014 (US$/ton, CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Cai Lai port (HCMC) 821.5 792.4 846.0 844.3 854.0
Hai Phong port 798.6 646.4 819.0 846.2 846.0
Vict port 845.7 - 773.0 809.0 -
Source: AgroMonitor, adapted from General Department of Vietnam Customs
Imports of DDGS and corn gluten by enterprise, 01/04-16/04/2014 (Million US$, %)
Enterprise
Value
(million
US$)
Share
(%)
Share changes
vs. the
previous
month (%)
Production enterprise 4.3 63.2 3.0
CP Vietnam Corporation Xuan Mai
branch
0.6 8.5 7.4
Asia Nutrition Technologies Co, Ltd (VN) 0.4 5.8 3.1
GREENFEED Vietnam JSC-Hung Yen
branch
0.3 4.2 2.2
GREENFEED Vietnam JSC 0.3 4.1 3.8
DE HEUS Co., Ltd 0.2 3.6 1.2
Other 2.5 37.0 -14.7
Commercial enterprise 2.5 36.8 -3.0
Southern Salt Group JSC 0.6 8.3 8.1
Van Son Service Agriculture Co., Ltd 0.4 5.8 -2.0
Bac Thanh Son Co., Ltd 0.4 5.2 3.7
Vina Commodities Mien Nam JSC 0.2 2.9 1.0
Tan Long Chemical Industry JSC 0.2 2.5 0.0
Other 0.8 12.2 -13.8
Source: adapted by AgroMonitor






Making Sense of Vietnam Market

11

Primary data on top 10 DDGS & corn gluten
importing enterprises in March 2014 (million
US$)
Top 10 DDGS & corn gluten importing
enterprises, 01/04-16/04/2014 (million US$)

Source: adapted by AgroMonitor
WHEAT
Wheat imports of Vietnam, 2013-03/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 123.3 160.0 29.8
2 108.8 176.8 62.6
3 72.1 165.7 129.8
4 147.5

5 164.0

6 183.4

7 65.0

8 177.3

9 178.5

10 248.6

11 180.2

12 171.7

Total 1820.4 502.5

Source: adapted by AgroMonitor


Making Sense of Vietnam Market

12

Following the same trend with corn, CBOT wheat prices also turned to go down in the
first sessions of this week because the weather became more favorable to the
developments of crops in the U.S. Regarding India, wheat futures of the country tended
to go up because wheat harvesting pace was slower than expected owing to substantial
rain in recent time.
World wheat prices (US$/ton)
Market Basis Futures
Early this
week
Average
price last
week
Average
price last
month
Average
price last
year
USA CBOT May 246.4 253.5 249.5 251.2
USA CBOT Jul 248.9 256.3 250.2 251.2
India NCDEX May 256.8 254.1 257.8 260.2
India NCDEX Jun. 262.0 257.5 256.4 260.2
India NCDEX Jul. 267.6 - 258.4 260.2
Ukraine
(Feed wheat)
FOB - 248.5 250.0 245.0 -
Canada
(Feed wheat)
ICE Spot 192.0 193.0 180.0 -
Australia
(ASW1)
Berrybank,
Vic - 275.0 278.3 278.0 -
Source: adapted by AgroMonitor
Wheat prices (NCDEX) of I ndia, 2012-2014 (US$/ton)

Source: AgroData


Making Sense of Vietnam Market

13

RICE BRAN-CASSAVA
In Tay Ninh, at the end of the previous week, Khmer New Year (Chol Chnam Thmay) in
Cambodia ended, the people started to work as usual. However, the cassava chip volume
transported to the border gate remained low at less than 100 tons/day. Selling prices of
cassava chips at warehouses in Chang Riec climbed to VND 4,300-4,400/kg for normal
unclassified cassava chips while feed cassava chips were offered at quite high prices of
VND 4,500/kg. Procurement prices of cassava chips of feedmills in the Southeastern
region were unchanged at VND 4,300-4,400/kg for tapioca C and VND 4,600-4,700/kg
for feed cassava chips. Feedmills in the Southeastern region have reduced their operation
capacity by up to 50% on difficult consumption of finished feed caused by high
transportation fees and unfavorable re-production of pigs of raisers.
In Quy Nhon, procurement prices of cassava chips varied depending on warehouse
owners when reaching VND 4,100-4,350/kg. Specifically, VND 4,100/kg was the price
which warehouse owners procured newly-processed cassava chips transported from Phu
Yen. Warehouse owners continued to tighten control over quality and discount high loss
rate. The volume of cassava chips transported to Quy Nhon was quite low at less than
1,500 tons/day only and about 100 tons was transported from Phu Yen.
In northern region, commercial warehouse owners offers for cassava chips (delivered in
Son La and Yen Bai) were quite stable at about VND 4,500-4,600/kg. However, most
plants suspended the procurement on high transportation fees.
Regarding rice bran, according AgroMonitors market information system, selling prices
of unmixed rice bran at warehouses in Kien Giang and Tien Giang early this week
climbed to VND 4,800/kg and VND 4,700/kg, respectively, up by VND 200/kg from a
week earlier. The prices turned to rally because the winter-spring rice crop ended and the
supply was not ample as in the previous time. Moreover, drying plants also had
procurement demand for rice bran for stocks.
Meanwhile, regarding imported rice bran, offers for Indian rice bran delivered to HCMC
port/Hai Phong port (cont, delivery in May) early this week inched lower by US$ 1/ton
to US$ 187/204/ton for rice bran grade 1 and US$ 177/145/ton for rice bran grade 2.






Making Sense of Vietnam Market

14

Cassava chip procurment prices of enterprises by week, 2010-2014 (VND/kg)

Source: AgroData
Developments of rice bran prices at warehouses in Mekong River Delta, 2012-2014
(VND/kg)

Source: AgroData



Making Sense of Vietnam Market

15

Refer to some major wheat bran and rice bran contracts, 10/04-16/04/2014:
Date Ingredient Origin
Port of
discharge
Basis
Volume
(ton)
Price
(US$/ton)
16/04/14 Rice bran India Cat Lai port CFR 629 188
16/04/14 Rice bran India Cat Lai port CNF 542 193
16/04/14 Rice bran India Cat Lai port CFR 538 190
15/04/14
Wheat
bran
Russian Cat Lai port CFR 503 205
Source: adapted by AgroMonitor
Rice bran and wheat bran imports of Vietnam, 2013-16/04/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 64.2 91.2 42.0
2 59.8 87.1 45.6
3 91.7 60.7 -33.8
4 42.5 25.4 -
5 64.5

6 43.9

7 54.7

8 52.6

9 56.2

10 67.1

11 55.7

12 65.6

Total 718.4 264.4 -
Source: adapted by AgroMonitor
Imports of rice bran and wheat by market, 01/04-16/04/2014 (ton):
Ingredient Market Volume (ton)
Wheat bran
Indonesia 9,322
Uganda 1,998
Tanzania (United Rep.) 1,587
Sri Lanka 1,050
Mozambique 918
Russian Federation 817


Making Sense of Vietnam Market

16

United Arab Emirates 491
Taiwan 306
Malaysia 250
Singapore 221
Rice bran India 8,415
Source: adapted by AgroMonitor
Prices of rice bran imported to some major ports, 2013-4/2014 (US$/ton, CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Cat Lai port (HCMC) 207.7 208.7 172.0 178.2 189.1
Hai Phong port 218.3 228.3 190.0 191.0 192.4
Vict port 205.7 207.3 226.0 183.0 -
Source: AgroMonitor, adapted from General Department of Vietnam Customs
Prices of wheat bran imported to some major ports, 2013-4/2014 (US$/ton, CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Cat Lai port (HCMC) 260.8 255.3 230.0 232.1 205.0
Hai Phong port 256.1 262.0 227.0 233.0 237.1
Source: AgroMonitor, adapted from General Department of Vietnam Customs
Imports of rice bran and wheat bran by enterprise, 01/04-16/04/2014 (million US$,
%)
Enterprise
Value
(million
US$)
Share
(%)
Share
changes vs.
the previous
month (%)
Production enterprise 4.4 77.1 16.3
Dabaco Vietnam Corp. 1.1 18.7 14.7
ABC Vietnam JSC 0.5 9.4 2.4
Viet Phuong Ha Nam Co., Ltd 0.5 9.3 9.3
GREENFEED Vietnam JSC Dong Nai
branch
0.4 6.7 2.8
GREENFEED Vietnam JSC 0.3 5.8 -0.9
Other 1.5 27.3 -12.0


Making Sense of Vietnam Market

17

Commercial enterprise 1.3 22.9 -16.3
Bac Thanh Son Co., Ltd 0.3 4.7 -0.6
An Khang JSC 0.3 4.5 3.6
Van Son Service Agriculture Co., Ltd 0.2 3.1 -1.5
Nhat Thanh Import-Export JSC 0.1 2.2 -0.8
Unme Viet JSC 0.1 2.2 0.3
Other 0.3 6.1 -17.2
Source: adapted by AgroMonitor
Preliminary data on top 10
enterprises importing rice bran and
wheat bran in March 2014 (million
US$)
Top 10 enterprises importing rice bran and
wheat bran, 01/04-16/04/2014 (million US$)

Source: adapted by AgroMonitor
MATERIALS PROVIDING PROTEIN
SOYBEANS -SOYMEAL
According to AgroMonitors market information system, early this week, selling prices
of soymeal at warehouses in Dong Nai were about VND 14,200-14,300/kg. Accordingly,
plus transportation fees, prices of soymeal delivered at warehouses of feedmills and
farms in Dong Nai were about VND 14,500/kg, unchanged from a week earlier.




Making Sense of Vietnam Market

18

Developments of soymeal prices in Dong Nai by week, 2010-2014 (VND/kg)

Source: AgroData
Prices developments of soymeal imported to major ports (US$/ton, CFR)

Source: AgroData
Offers for Indian soymeal (cont, delivery in April) to HCMC port/Hai Phong port
climbed to US$ 660/670/ton (CNF), up by US$ 5/ton from a week earlier. Following the
same trend, offers for Argentine soymeal (vessel, delivery in May at the departure port)
to HCMC port at the end of a week earlier were US$ 589/ton (CNF), up slightly by US$
2/ton from late March.


Making Sense of Vietnam Market

19

Refer to some major soymeal import contracts, 10/04-16/04/2014:
Date Origin Port of discharge Basis
Volume
(ton)
Price
(US$/ton)
10/04/1
4 Argentina
Interflour port (Vung
Tau) CNF 5,700 537
10/04/1
4 Argentina
Interflour port (Vung
Tau) CNF 4,750 539
10/04/1
4 Argentina
Interflour port (Vung
Tau) CNF 3,694 537
10/04/1
4 China Can Tho port CFR 1,900 586
10/04/1
4 Argentina
Interflour port (Vung
Tau) CNF 1,056 537
Source: adapted by AgroMonitor
Unlike corn and wheat, soymeal imports to Vietnams ports in March soared to 245.5
thousand tons, up by 6 times on the month and up by 2 times on the year, raising total
soymeal imports for the first quarter of 2014 to 448 thousand tons, up by 43.7% year on
year.
Soybean imports of Vietnam, 2013-15/04/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 45.4 161.9 256.4
2 28.5 40.6 42.5
3 113.9 245.5 115.5
4 105.8 72.7 -
5 129.3

6 111.2

7 221.5

8 107.0

9 42.6

10 54.2

11 15.6

12 181.6

Total 1156.6 520.7 -
Source: adapted by AgroMonitor; *estimated data from MARD



Making Sense of Vietnam Market

20

Soymeal imports of Vietnam, 2013-16/04/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 219.9 186.8 -15.0
2 122.6 208.9 70.4
3 352.6 140.8 -60.1
4 135.9 102.7 -
5 286.4

6 298.8

7 271.4

8 323.9

9 353.7

10 274.9

11 199.4

12 321.6

Total 3161.1 639.2 -
Source: adapted by AgroMonitor
Soymeal imports of Vietnam, 2013-4/2014 (thousand tons, %):
Market Volume (ton)
Argentina 85,849
China 13,059
United States of America 1,683
India 1,286
Brazil 791
Source: adapted by AgroMonitor
Prices of soymeal imported to some major ports, 2013-4/2014 (US$/ton, CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Hai Phong port 567.0 550.3 557.2 560.6 577.1
SITV port (Vung Tau) 597.0 - 612.5 - 622.3
Cat Lai port (HCMC) 558.8 567.2 558.3 575.2 632.2
Source: AgroMonitor, adapted from General Department of Vietnam Customs


Making Sense of Vietnam Market

21

Soymeal imports by enterprise, 01-16/04/2014 (million US$, %)
Enterprise
Value
(million
US$)
Share
(%)
Share
changes vs.
the
previous
month (%)
Production enterprise 54.7 90.1 20.4
C.P. Vietnam Corp. 30.6 50.4 50.4
Hung Vuong JSC 10.2 16.8 16.8
Lai Thieu Feedmill Co., Ltd 1.9 3.1 0.1
Proconco JSC-Hai Phong branch 1.9 3.1 1.2
Cargill VN Co., Ltd 1.5 2.5 0.5
Other 8.6 14.2 -48.7
Commercial enterprise 6.0 9.9 -20.4
Tan Long Chemical Industry JSC 5.5 9.1 4.7
Q&T Joint Stock Company 0.3 0.6 0.5
Ha Lan Production Trading Service Joint Stock Co. 0.1 0.1 0.0
Thu Do Production and Trading Co., Ltd 0.0 0.1 0.1
Vinh An Trading and Investment Co., Ltd 0.0 0.0 -1.1
Other 0.0 0.0 -24.5
Source: adapted by AgroMonitor
Preliminary data on top 10 enterprises
importing soymeal in March 2014 (million
US$)
Top 10 enterprises importing soymeal, 01/04-
16/04/2014 (million US$)



Making Sense of Vietnam Market

22

Source: adapted by AgroMonitor
Like corn and wheat, world soybean prices early this week tended to go down on ample
supply in the South America in line with the information that China might continue
cancelling soybean imports from the U.S. and South America.
World soybean prices (US$/ton)
Market Basis Futures
Early this
week
Average
price last
week
Average
price last
month
Average
price last
year
USA CBOT May 547.2 552.1 522.0 511.5
USA CBOT Jul. 543.4 547.6 517.5 511.5
USA FOB - 523.5 530.0 539.1 535.7
Brazil Local - 506.7 508.4 492.7 504.2
Brazil BMF May 520.8 523.6 501.5
Source: adapted by AgroMonitor
World soymeal prices (US$/ton)
Market Basis Futures
Early this
week
Average
price last
week
Average
price last
month
Average
price last
year
USA CBOT May 532.2 536.3 506.8 472.8
USA CBOT Jul. 521.7 523.9 493.9 472.8
Argentina FOB - 524.0 523.3 537.5 509.3
Brazil FOB - 519.0 512.5 515.5 -
India FOB - 667.5 662.5 606.0 563.7
Source: adapted by AgroMonitor








Making Sense of Vietnam Market

23

Developments of soybean prices in major markets of the world, 2011-2014 (US$/ton)

Source: AgroData
Developments of export soymeal prices in major markets of the world, 2011-2014
(US$/ton)

Source: AgroData

OIL MEAL
According to information received by AgroMonitor, export prices of Indonesian rapeseed
meal early this week turned to go up to US$ 262/ton, up by US$ 4.3/ton from a week


Making Sense of Vietnam Market

24

earlier. Offers for rapeseed meal imported from India to HCMC/HP port this week were
US$ 295/307/ton (CNF), unchanged from a week earlier.
Prices of Indian rapeseed meal (US$/ton)
Market Basis
First two
days of
the week
Average
price last
week
Average
price last
month
Average
price last
year
India FOB 262.0 257.8 249.7 253.3
Source: adapted by AgroMonitor
Developments of export prices of I ndian rapeseed meal, 2013-2014 (US$/ton, FOB)

Source: AgroData
Refer to some major oil meal import contracts, 10/04-16/04/2014:
Date Ingredient Origin Port of discharge Basis
Volume
(ton)
Price
(US$/ton)
11/04/14
Palm kernel
meal
Indonesia Khanh Hoi port CNF 1,210 178
10/04/14 Copra meal Philippines Hai Phong port CNF 534 263
11/04/14
Rapeseed
meal
India Cat Lai port CFR 500 265
14/04/14
Rapeseed
meal
India
ICD Phuoc Long
Thu Duc
CNF 494 280
14/04/14
Palm kernel
meal
Indonesia Khanh Hoi port CNF 440 182
Source: adapted by AgroMonitor


Making Sense of Vietnam Market

25

Imports of oil meals (rapeseed meal, canola meal, copra meal, palm kernel meal) of
Vietnam, 2013-16/04/2014 (thousand tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 32.1 19.0 -40.7
2 23.4 80.0 242.3
3 42.7 70.6 65.3
4 35.4 22.9 -
5 34.1

6 25.5

7 37.1

8 27.7

9 15.3

10 16.2

11 35.1

12 19.5

Total 344.1 192.5 -
Source: adapted by AgroMonitor
Oil meal imports by market, 01/04-16/04/2014 (ton):
Ingredient
Import port/Origin Volume (Ton)
Palm kernel
meal
Indonesia 7,670
Malaysia 98
Copra meal
Philippines 6,305
Canola meal
United Arab Emirates 4,807
Rapeseed meal
India 4,052
Source: adapted by AgroMonitor
Prices of rapeseed meal imported to some major ports, 2013-4/2014 (US$/ton, CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Hai Phong port 379.6 340.1 338.0 305.3 357.3
Cai Lai port (HCMC) 345.1 318.3 313.0 289.7 265.3
Source: AgroMonitor, adapted from General Department of Vietnam Customs


Making Sense of Vietnam Market

26

Oil meal imports by enterprise, 01-16/04/2014 (million US$, %)
Enterprise
Value
(million
US$)
Share
(%)
Share
changes vs.
the previous
month (%)
Production enterprise 4.7 76.4 6.9
C.P. Vietnam Corp. 1.2 19.0 10.1
ABC Vietnam JSC 0.8 13.0 6.5
C.P Vietnam Corporation - Xuan Mai branch 0.4 6.6 -3.9
Vi Na Co., Ltd 0.4 6.1 4.9
ViNa Feed JSC 0.3 4.8 1.4
Other 1.6 26.9 -12.1
Commercial enterprise 1.4 23.6 -6.9
An Huy B.T Co., Ltd 0.2 4.0 2.2
Animal Production Processing Import and
Export Joint Stock Company (APROCIMEX)
0.2 3.5 3.0
Vinh An Trading and Investment Co., Ltd 0.2 3.2 0.5
Ky Vi Import-Export and Trading Services
Co., Ltd
0.2 3.1 1.6
Thinh Giang Trading Co., Ltd 0.2 3.1 1.9
Other 0.4 6.7 -16.1
Source: adapted by AgroMonitor
Preliminary data on top 10 enterprises
importing oil meal in March 2014 (million
US$)
Top 10 enterprises importing oil meal, 01/04-
16/04/2014 (million US$)


Source: adapted by AgroMonitor


Making Sense of Vietnam Market

27

PROTEIN MEAL
According to commercial reports, in the week ending on April 20, export prices of
Peruvian fishmeal remained firm from a week earlier. Accordingly, fishmeal prices were
US$ 1,580/ton for Peruvian fishmeal typed 67% 120 TVN and US$ 1,450/ton for typed
65% standard. According to traders, sales of new-season fishmeal of Peru as of April 20
were about 100 thousand tons. Moreover, the market is also waiting for the information
about Perus new-season fishing quota which may be soon announced this week.
For bone-meat meal, export prices of protein meal typed 50% exported from the U.S. to
Asian this week were US$ 720/ton (CNF), unchanged from a week earlier.
Export prices of U.S. bone-meat meal to Asia (CNF, US$/ton)

Source: adapted by AgroMonitor
Refer to some major protein meal import contracts, 10/04-16/04/2014:
Date Ingredient Origin Port of discharge Basis
Volume
(ton)
Price
(US$/ton)
14/04/14
Bone-meat
meal
Italy Cat Lai port CFR 971 400
14/04/14
Bone-meat
meal
Italy Cat Lai port CIF 966 445
16/04/14
Bone-meat
meal
Italy Cat Lai port CFR 519 475
16/04/14
Bone-meat
meal
Netherlands Cat Lai port CFR 508 455
14/04/14
Bone-meat
meal
Uruguay Cat Lai port CFR 507 340
10/04/14 Fishmeal Thailand Vict port CFR 500 1,170
Source: adapted by AgroMonitor


Making Sense of Vietnam Market

28

Imports of protein meals (including bone-meat meal, poultry meal, fishmeal,
hydrolyzed feather meal, squid liver meal) of Vietnam, 2013-16/04/2014 (thousand
tons, %)
Month
2013 (thousand
tons)
2014
(thousand
tons)
Changes: 2014/2013
(%)
1 36.0 93.8 160.9
2 19.5 61.4 215.4
3 63.7 73.1 14.8
4 71.7 35.9 -
5 84.2

6 72.6

7 61.7

8 59.5

9 50.8

10 46.8

11 34.8

12 42.0

Total 643.2 264.2 -
Source: adapted by AgroMonitor
Protein meal imports by market, 01/04-16/04/2014 (ton):
Ingredient
Market Volume (ton)
Bone-meat meal
Italy 13,058
Bulgaria 2,530
Netherlands 2,329
Argentina 1,876
Paraguay 1,500
Poland 1,072
Slovenia 524
Brazil 520
Uruguay 507
Singapore 366
France 293
United Kingdom 194
Fishmeal
Thailand 2,951
Peru 2,804
Malaysia 45


Making Sense of Vietnam Market

29

Myanmar (Burma) 36
Taiwan 20
Poultry meal
Spain 976
Saudi Arabia 405
Bulgaria 403
Italy 397
Australia 200
Canada 200
Hydrolyzed feather
meal
Australia 540
Argentina 351
Malaysia 170
Bulgaria 147
Saudi Arabia 105
Brazil 102
Italy 98
New Zealand 37
Squid liver meal
Korea (Republic) 1,172
China 36
Source: adapted by AgroMonitor
Prices of bone-meat meal imported to some major ports, 2013-4/2014 (US$/ton,
CFR)
Year 2013 2014
Month 3 4 2 3 16/04
Cai Lai port (HCMC) 519.2 527.4 404.0 404.9 429.4
Hai Phong port 511.2 516.5 392.0 411.2 429.9
Source: AgroMonitor, adapted from General Department of Vietnam Customs







Making Sense of Vietnam Market

30

Protein meal imports by enterprise, 01-16/04/2014 (million US$, %)
Enterprise
Value
(million
US$)
Share
(%)
Share
changes
vs. the
previous
month (%)
Production enterprise 15.5 68.7 14.5
UNI - PRESIDENT VN Co., Ltd 4.0 17.9 7.1
D.D.P Manufacture Materials Co., Ltd 3.7 16.6 3.7
Grobest Industrial (VN) Co., Ltd 1.6 6.9 3.2
Shenglong Bi-Tech Co., Ltd 1.1 4.8 1.6
Lai Thieu Feedmill Co., Ltd 0.8 3.6 2.3
Other 4.2 18.8 -3.5
Commercial enterprise 7.1 31.3 -14.5
ORIENT GIXCO., Ltd 2.4 10.6 -3.3
Vietfarm Production Trading Co., Ltd 1.2 5.3 -0.6
Chim En Co., Ltd 0.9 4.1 -2.7
Ngan Ha Trading JSC 0.9 3.9 1.2
Agrimexco 0.4 1.6 0.4
Other 1.3 5.8 -9.5
Source: adapted by AgroMonitor
Preliminary data on top 10 protein meal
importing enterprises in March 2014 (million
US$)
Top 10 protein meal importing enterprises,
01/04-16/04/2014 (million US$)


Source: adapted by AgroMonitor


Making Sense of Vietnam Market

31

MARKET OUTLOOK
Information, events over the week
Impact
on the
market Level
Corn market
The weather is forecast to be favorable to corn
planting in the U.S.
Decrease Sharply
Corn harvesting pace in Argentina is slow
Increase Slightly
Corn exports of Ukraine slow down
Increase Sharply
Wheat
market
Winter wheat development conditions in the
U.S. may be improved
Decrease Sharply
Wheat exports of Ukraine may be suspended
Increase Slightly
Wheat harvest in India is delayed
Increase Slightly
Soybean
market
Soybean harvest in Brazil is about to be
completed
Decrease Sharply
Soybean harvesting pace in Argentina is
delayed on substantial rain
Increase Slightly
China may continue cancelling soybean
imports
Decrease Sharply
Based on factors summarized on the above table, according to AgroMonitor, the world
corn prices are likely to turn to rally because the political unrest in Ukraine has raised


Making Sense of Vietnam Market

32

concern that grain exports of the country may be slowed down. In the week ending on
April 20, corn exports of Ukraine were low at only 176 thousand tons, down sharply from
450 thousand tons in the previous week. Moreover, that the corn harvesting pace is still
quite slow in Argentine will also contribute to driving up corn prices.
Similarly, in the time ahead, it is very likely that wheat prices will go up on interrupted
exports of Ukraine. For India, wrong-season rain in recent time has delayed new-season
wheat harvest, which will partly help drive up wheat prices. However, the price gain will
unlikely be strong as the weather is expected to be more favorable to the development of
winter wheat in the U.S.
For soybeans and soymeal, the selling prices in the South America are likely to sustain a
downward trend in the coming time owing to ample supply from the harvest in the region
while import demand of China is projected to slow down. In addition, early this week,
Brazils soybean tonnages cancelled by China were sold to the U.S., which partly
contributed to alleviating the pressure from tight supply in the country.
In Vietnam, live hog prices at farms in the Southeastern region early this week kept
climbing by VND 1,000/kg to VND 53,000-55,000/kg. According to local traders, live
hog prices in the South may remain high within five months owing to tight supply in the
domestic market. Moreover, live hog prices in some Southeast Asian countries such as
Thailand and Indonesia are also high owing to diseases, lowering import demand for
processed pork products of Vietnamese enterprises from the markets. Live hog prices are
high but the re-production of pigs are not optimistic on plunged number of sows, so
consumption of feed for pigs are unlikely to recover in some coming months.
Regarding feed ingredients, for the first half of April, corn imports of Vietnam remained
high at 217 thousand tons, raising total corn imports between January 1 and April 15 to
1.82 million tons, a triple year on year. Meanwhile, current low consumption of feed may
result in low corn prices in the coming time. Turning into May and June, it is very likely
that corn imports of Vietnam will be lower as enterprises imported a large amount of corn
for the first 4 months of the year and world corn prices have tended to go up since
February. However, according to local traders, if prices of corn imported to Vietnams
ports are about VND 6,000/kg, Vietnamese feed enterprises will be still encouraged to
boost imports in the last months of the year. It is feasible for Vietnams corn imports to
reach 3 million tons or even 4 million tons in 2014 if world corn prices are still attractive
to both production enterprises and commercial ones.




Making Sense of Vietnam Market

33

APPENDIX
Export prices of some feed ingredients (FOB, US$/ton)
Ingredient Origin 13/04-20/04 06/04-12/04
Changes
(%)
Corn
USA 231 228 1.3
Brazil 221 213 3.8
Argentina 227 224 1.3
Black Sea 247 247 0.0
Wheat
USA 291 280 3.9
Black Sea - - -
Soymeal
USA 596 589 1.2
Brazil 524 520 0.8
Argentina 525 521 0.8
India 650 640 1.6
Rapeseed meal India 262 258 1.6
Bone-meat meal CNF
Argentina 470 470 0.0
USA 720 720 0.0
Australia 680 680 0.0
Poultry meal CNF
USA 1100 1100 0.0
Australia 1020 1020 0.0
Fishmeal 67% 120 TVN Peru 1580 1580 0.0
Fishmeal 65% standard Peru 1450 1450 0.0
Corn gluten USA 890 930 -4.3
DDGS CNF USA 368 369 -0.3
Source: adapted by AgroMonitor
Information about vessels carrying imported feed and ingredients to Hai Phong port
in April
Arrival date Ingredient Origin/Departure port Volume (Ton)
02/04/2014 Palm kernel meal Indonesia 3500
02/04/2014 Soymeal Ky Ha 395
03/04/2014 Soymeal China 1800
05/04/2014 Corn India 9000
05/04/2014 Palm kernel meal Indonesia 2300
05/04/2014 Bran China 3800


Making Sense of Vietnam Market

34

06/04/2014 Soymeal Vung Tau 1600
06/04/2014 Cassava chips Nha Trang 1283
07/04/2014 Corn Vung Tau 870
07/04/2014 Wheat bran pellets Indonesia 8030
09/04/2014 Copra meal Philippines 3284
09/04/2014 Corn Phu My 3400
09/04/2014 Soymeal Vung Tau 2150
10/04/2014 Soymeal China 2500
11/04/2014 Corn Quy Nhon 950
11/04/2014 Corn India 19500
15/04/2014 Soymeal China 2500
16/04/2014 Corn Phu My 2600
17/04/2014 Soymeal Vung Tau 2500
17/04/2014 Corn Phu My 3030
18/04/2014 Wheat bran pellets Indonesia 6600
19/04/2014 Soymeal Phu My 2328
20/04/2014 Soymeal Vung Tau 2600
Source: adapted by AgroMonitor
Information about vessels to arrive at HCMC port in April
Arrival date Item Buyer Volume (ton)
04/04/201
4
Soymeal Production enterprise 2037
04/04/201
4
Copra meal
Production enterprise 1760
Commercial enterprise 1540
09/04/201
4
Palm kernel meal
Production enterprise 670
Commercial enterprise 1430
15/04/201
4
Palm kernel meal
Production enterprise 1760
Commercial enterprise 440
23/04/201
4
Soymeal
Production enterprise 5418
Commercial enterprise 500
Source: adapted by AgroMonitor





Making Sense of Vietnam Market

35

Information about vessels to arrive at Thi Vai port (Vung Tau) in April and May
Arrival date Item Buyer Volume (ton)
04/04/201
4
Corn + soybeans Commercial enterprise 38000
11/04/201
4
Soymeal Production enterprise 50000
24/04/201
4
Soymeal - 6600
05/05/201
4
Soymeal Production enterprise 42500
Source: adapted by AgroMonitor
Feed & ingredient imports, 01-16/04/2014 (ton, US$):
Ingredient Volume (ton) Value (US$)
Soymeal 102,668 60,675,855
Bone-meat meal 24,771 10,588,402
DDGS 19,034 6,402,242
Wheat bran 16,959 4,047,742
Feed additives 10,544 13,503,941
Rice bran 8,415 1,613,705
Palm kernel meal 7,768 1,413,463
Copra meal 6,305 1,680,856
Fishmeal 5,856 8,046,936
Canola meal 4,807 1,945,117
Other 12,093 8,189,340
Total 219,219 118,107,599
Source: adapted by AgroMonitor
Output of livestock, poultry and fishery feed (thousand tons)
Year Month
Livestock and
poultry
Fishery
2013
6 832.0 244.0
7 863.0 243.0
8 906.3 253.5
9 926.7 271.9
10 957.2 278.1
11 967.2 274.4


Making Sense of Vietnam Market

36

12 898.5 249.6
2014
1 820.8 191.9
2 692.5 172.5
3* 792.8 200.0
Source: Adapted by AgroMonitor from General Statistics Office; Data for March 2014*
are estimated
Production index of feed for livestock, poultry and fishery by month (at 2010s
constant price), %
Year Month
Production index of feed for livestock, poultry and
fishery
2013
1 130.5
2 108.5
3 124.8
4 127.5
5 131.5
6 131.2
7 133.4
8 140.4
9 147.7
10 149.3
11 150.3
12 149.1
2014
1 125.6
2 111.3
3* 127.8
Source: Adapted by AgroMonitor from General Statistics Office; Data for March* are
estimated







Making Sense of Vietnam Market

37

Consumption and inventory indexes of feed manufacturing for livestock, poultry
and fishery (%)
Time Item
Compared to
last month
(%)
Compared to
the same
period last year
(%)
Accumulated index
from the beginning of
the year compared to
the same period last
year (%)
7/2013 Consumption 93.4 100.5 101.7
1/8/2013 Inventory 109.7 117.7 -
8/2013 Consumption 101.4 102.3 101.9
1/9/2013 Inventory 106.4 125.0 -
9/2013 Consumption 110.9 111.4 102.7
1/10/2013 Inventory 101.6 121.2 -
10/2013 Consumption 103.0 107.5 103.2
1/11/2013 Inventory 102.0 133.3 -
11/2013 Consumption 98.5 113.2 104.4
1/12/2013 Inventory 105.6 138.2 -
12/2013 Consumption 100.2 103.4 103.6
1/1/2014 Inventory 106.0 133.2 -
1/2014 Consumption 89.0 98.5 98.5
1/2/2014 Inventory 100.8 134.8 -
2/2014 Consumption 83.9 97.9 98.4
1/3/2014 Inventory 107.4 141.2 -
Source: Adapted by AgroMonitor from General Statistics Office
----------------------------
* All rights are reserved. Any recommendations, data contained in this publication are extracted from
publicized sources, guaranteed validity by AGROMONITOR starting from the time of publication.
Expressions of opinion are those of AGROMONITOR only and prepared for the use of AGROMONITOR
clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner,
without the express written consent of AGROMONITOR.