Commodities | Ghana Commodity Exchange

Soya Bean image


 SOYA BEAN

The soya bean is a species of legume native to East Asia, widely grown for its edible bean which has numerous uses. Soya beans were a crucial crop in East Asia long before written records began. One of the many uses of soya beans is fat-free soya bean meal which is a significant and cheap source of protein for animal feeds and many packaged meals. Also, soya bean products, such as textured vegetable protein are ingredients in many meat and dairy substitutes.

The United States, Brazil and Argentina are the world's largest soybean producers and represent more than 80% of global soybean production. The growth in soy demand in the last decade is mainly due to the prioritization of biodiesel production, specifically in the United States and the EU, and rapid economic growth in Asia where rising incomes are resulting in expanded consumption of animal protein (fed by soybean meal) and vegetable oils.

Soya beans first arrived in Africa via Egypt in 1857 and found its way to Ghana around 1910. Farmers in the Northern sector of the country, who mainly grow soy as a cash crop, generate about 70 percent of Ghana’s soya bean produce.

In Ghana, a number of varieties as well as differing grades of soya bean can be found. One way these varieties are denoted is by the colour of the beans – soya beans are usually yellow but in some instances could be green or brown instead. While African markets remain very small in the global soy trade, an interesting opportunity exists for Africa to expand production to meet its own growing regional demand. Rising incomes in African urban markets are driving increased consumption of animal protein and higher-quality vegetable oils, which is where Brazil’s soybean industry started not long ago.

Global prices for soya bean have generally been strong for the past few seasons, although there has been some variation due to the recent tight global demand and supply situation.

 


Soya Bean Contract