Highlights

Soybean and soybean meal imports are expected to increase in MY2016/17 to 5.5 million metric tons. The U.S. holds about a 20-22 percent share of the market.

Summary

Soybean domestic consumption is forecast to grow by 5 percent in MY2016/17 driven by greater demand from the domestic food and animal feed industries, including oil-crushing demand. In line with domestic demand, soybean imports may reach to 2.3 million metric tons (MMT) in MY 2016/17 as compared to 2.2 MMT in MY 2015/16.

Thailand's overall animal feed demand should continue to increase by 3-4 percent annually in the next few years in line with the growing demand from Thailand's livestock sector. A steady demand for soybean meal should

result in increased soybean meal production and imports. Imports of soybean meal are estimated to grow by 7 percent in MY 2016/17 based on increasing demand for animal feed. Trade sources reported that a possible continued downtrend of global soybean meal prices might prompt Thai feed mills to switch a portion of their full fat soybean use to soybean meal in their animal feed rations.

Imports of U.S. soybean meal skyrocketed to 369,000 MT in MY 2013/14 from only 16,000 MT in MY2012/13 and further grew to 702,000 in MY 2014/15. The growth resulted mainly because several medium/small feed mills decided to pool their resources to import soybean meal in Panamax vessels, thereby, increasing opportunities for U.S. soybean meal exports. In addition, Charoen Pokphand Group (C.P.), the leading Thailand-based agro-industrial and food conglomerate in the Asia Pacific region, contracted with AGP, a U.S.-based farmer-owned cooperative, to purchase 200,000-300,000 MT of soybean meal from AGP annually. With this market development, Thailand's U.S. soybean meal imports should continue to range between 600,000-700,000 MT in MY 2015/16 and MY 2016/17. These imports amount to about 20-22 percent share of the soybean meal import market.

Fish meal production in Thailand is expected to further decline in 2017 due to the growing government restrictions placed on the fishing industry.

Soybean oil production is expected to increase to 320,000 MT in MY 2016/17 in line with higher soybean deliveries to crushing plants. In addition, given normal weather conditions in 2016 and early 2017, crude palm oil production in 2017 is forecast to recover to 2.3 MMT following higher yields and a larger harvest area.

SITUATION AND OUTLOOK

Soybeans

Soybean production in Thailand is likely to remain low at only 56,000 metric tons (MT) in crop year (CY) 2016/17 as compared with an estimated 57,000 MT in CY 2015/16. Farmers cited lower profitability as compared to competing crops like corn and off-season rice as the reason for abandoning soybean production. The inaccessibility to better yielding seeds has also contributed to the lack of interest in growing soybeans.

Total soybean domestic consumption is forecast to further grow by 5 percent in MY2016/17 driven by greater demand from the food and animal feed industries, including oil-crushing demand. In line with domestic demand, soybean imports are estimated to increase to 2.3 MMT in MY 2016/17, up by 5 percent from 2.2 MMT in MY 2015/16. Soybean imports grew sharply by 34 percent in MY2014/15 to 2.41 MMT from 1.80 MMT in MY2013/14. Trade sources confirmed that the record high increase is largely attributed to the relatively low global prices of soybeans. The increase in soybean imports has led to an increase in the processing of full-fat soybeans for Thailand's livestock industry, particularly poultry production in MY2014/15.

Post accordingly raises its estimate of feed waste domestic consumption to 450,000 MT, while maintaining soybean delivery to crushing at 1.6 MMT in MY 2014/15.

Soybeans delivered to crushers, which constitutes most of the domestic use, are likely to increase to 1.75 MMT in MY 2016/17 from 1.70 MMT in MY 2015/16. Only a few large soybean oil processors completely control soybean oil crushing activities in Thailand, including Thai Vegetable Oil (TVO), Thanakorn Vegetable Oil Products, and Porn Amnuay Sub Vegetable Oil. These three soybean oil crushers are running at only 45-50 percent of total capacity of 3.7 MMT per annum.

Due to the fact that Thailand's two largest soybean oil processors (TVO and Thanakorn) have a preference for sourcing soybeans from Brazil (due to their relatively higher protein compared to U.S. soybeans), the U.S. market share of Thailand's soybean imports fluctuates depending on the supply availability in Brazil and Argentina and U.S. price competitiveness. U.S. market share for soybean imports is estimated to remain at 23-26 percent in MY 2015/16 and MY 2016/17.

Food-grade soybean imports are forecast to grow to 70,000-80,000 MT in MY 2016/17 as demand from the Thai food industry continues to grow. Canada and the U.S. are only two suppliers of this market segment. The food industry prefers domestic soybeans over imported beans due to their freshness and “biotech-free" status. However, with growing demand and a downward trend in domestic supplies, processors are increasingly relying on imported soybeans to meet their needs.

Post forecasts that there is no significant change in a stock carryover for soybeans in MY 2015/16 and MY 2016/17, which is typically set at one or two months of utilization.

Thailand's trade policy for soybeans is unchanged. According to its World Trade Organization (WTO) commitments, Thailand has a soybean tariff rate quota (TRQ) of 10,922 MT, an in-quota tariff of 20 percent and an out-of-quota tariff of 80 percent. The current unlimited import soybean quota with a zero tariff from WTO member countries will be valid until the end of 2016, but it is likely that this unlimited policy will continue. Despite the unlimited quota policy, soybean importers (including soybean oil processors, feed mills, and food processors) are still subject to domestic absorption requirements. The government has set domestic soybeans prices for crushing grades at 6.25 baht/kg (US$ 508/MT), the same prices set in 2014. Trade sources anticipate that Thailand will become a major supplier of soybean oil and soybean meal to other ASEAN economies when the ASEAN Economic Community (AEC) is fully implemented. Thailand and Vietnam are the only ASEAN countries operating excess soybean oil crushing capacity in Southeast Asia and Thailand's capacity is more than triple that of Vietnam.

Oil Meal

An Overview of Feed Demand in Thailand

The Thai Feed Mill Association (TFMA) reported that Thailand's feed demand is estimated to grow by 3.9 percent to 18.6 MMT in 2016 from 17.9 MMT in 2015 in line with anticipated growing hog, poultry and aquaculture production. Post expects Thailand's feed demand should continue to increase by 3-4 percent annually in the next few years as international demand for broiler meat and domestic demand continues to be strong.

Soybean Meal

Soybean meal production is estimated to increase 3 percent to 1.37 MMT in MY 2016/17 from 1.33 MMT in MY 2015/16 in line with the growing supply of soybean imports delivered for crushing.

All soybean meal, either derived from domestic soybean production or imported soybeans, is utilized for animal feed production. Consumption of soybean meal in MY 2016/17 is estimated to grow by 5 percent following growth in all Thai meat sectors.

In the past, local crushers maintained a stronghold on the domestic soybean meal market and were able to sell their supplies at higher prices because of having fresher quality and greater protein consistency when compared to soybean meal imports. In response to the crushers' influence, Thai feed mills pooled their resources to import soybean meal in Panamax vessels in the past 4-5 years. Their strategy successfully enabled them to purchase commodities in the futures market and import larger volumes of soybean meal, which in turn helped the feed mills better manage price risks. The new strategy increased the feed mills' bargaining power with the domestic crushers and as a result, changed the market dynamics and forced domestic soybean crushers to offer more competitive prices to Thai feed mills.

The altered market dynamics consequently decreased the price differential between locally produced and imported soybean meal. Average prices for domestically produced soybean meal were even lower than those for imported soybean meal in the last couple years, especially in 2015 when the depreciation in Thai currency against U.S. dollar prompted feed mills to place more order on domestic soybean meal. Currently, prices for domestic soybean meal are 15.50-16.00 baht/kg (US$ 439-453/MT) compared to 16.00 baht/kg (US$ 453/MT) for imported soybean meal.

Imports of soybean meal are estimated to grow by 7 percent in MY 2016/17 based on increasing demand for animal feed. Trade sources reported that a possible continued downtrend of global soybean meal prices might prompt Thai feed mills to switch a portion of their full fat soybean use to soybean meal in their animal feed rations.

Thailand's major soybean meal import suppliers are Brazil, Argentina, and India. Imports of U.S. soybean meal skyrocketed to 369,000 MT in MY 2013/14 from only 16,000 MT in MY2012/13 and further grew to 702,000 in MY 2014/15. The growth resulted mainly because several medium/small feed mills importers decided to pool their resources to import soybean meal in Panamax vessels, thereby, increasing opportunities for U.S. soybean meal exports. In addition, Charoen Pokphand Group (C.P.), the leading Thailand-based agro-industrial and food conglomerate in the Asia Pacific region, contracted with AGP, a U.S.-based farmer-owned cooperative, to purchase 200,000-300,000 MT of soybean meal from AGP annually. With this market development, Thailand's U.S. soybean meal imports should continue to range between 600,000-700,000 MT in MY 2015/16 and MY 2016/17. These imports amount to about 20-22 percent share of the soybean meal import market.

Post forecasts that there is no significant change in a stock carryover for soybeans in MY 2015/16 and MY 2016/17, which is typically set at one or two months of utilization.

Soybean meal imports into Thailand are also subject to the WTO's TRQ system. Under Thailand's current system, soybean meal imports are subject to a quota of 239,559 MT and a 20 percent tariff rate. In July 2014, the National Council for Peace and Order (NCPO) approved an unlimited soybean meal import quota for two years (2015-2017). The tariff rate applied to the quota is set at 2 percent (as compared to 20 percent bound with WTO). The out-of-quota tariff rate is 119 percent. Similar to soybean imports, the Thai Government still issues import permits and eight trade associations,

representing a group of soybean meal importers, are still required to purchase domestic soybean meal at government-determined prices. Currently, domestic soybean meal prices cannot fall below 11.25 baht/kg ($370/MT).

On April 12, 2016, the Thai Cabinet agreed to lift a long-standing ban on soybean meal exports. Without clarifying the rationale for this change, trade sources reported that this move is a response to a request by soybean crushers who foresee increased export opportunities in shipping soybean meal to neighboring ASEAN countries where livestock sectors are growing.

Fish Meal

Production of fish meal depends on the production of Surimi, trash fish, and canned tuna, which are the byproducts used to produce fish meal. Fish meal production in Thailand is estimated to continue to decline in 2016 and 2017 due to Thailand's increased scrutiny and restrictions on fishing activities.

Thailand has been under pressure from the EU and the U.S. over the illegal, unreported, and unregulated (IUU) Thai fishing practices that could disrupt seafood exports to these countries.

Despite a recovery in shrimp production, demand for fish meal is estimated to drop in 2016 because of higher prices for domestic fish meal. Trade sources reported that to cope with higher prices of fish meal, several feed mills replaced fish meal with fermented soybean meal in their feed rations. In addition, CP Group recently began to source domestic fish meal from only one fish meal processor that can meet its sustainability requirement. Demand for fish meal is forecast to increase slightly in 2017 reflecting a growth in shrimp production. Average prices for fish meal went up further by 20 percent in 2015 to 39.70 baht/kg ($1,124/MT) from 39.28 baht/kg ($1,112/MT) in 2014.

In general, Thailand exports low-protein fish meal while it imports high protein fish meal. Fish meal exports in 2016 and 2017 are estimated at 130,000-140,000 MT. Fish meal exports dropped to 155,914 MT in 2015 as compared to 172,138 MT in 2014. In 2015, China was the largest market for Thai fish meal accounting for 38 percent of total exports followed by Japan (23 percent), Vietnam (17 percent), Taiwan (7 percent), and Bangladesh (5 percent).

Due mainly to a recovery shrimp production, imports of fish meal in 2015 increased to 31,106 MT in 2015 from 21,391 MT in 2014. Fish meal imports should be close to 20,000-30,000 MT in 2016 and 2017.

The Thai Government establishes a fish meal import policy annually. In 2014, the National Council for Peace and Order (NCPO) agreed that there will be no MFN quotas for fishmeal from 2015-2017. Fish meal imports under the ASEAN Free Trade Area (AFTA), Thai-Australia Free Trade Area (TAFTA), Thai-New Zealand Free Trade Area (TNFTA), ASEAN-China FTA, and ASEAN-Australia-New Zealand FTA (AANFTA), and Japan-Thailand Economic Partnership Agreement (JTEPA) are subject to zero tariffs.

Oil

Soybean Oil

Soybean oil production is expected to increase in MY 2015/16 and MY 2016/17 in line with higher soybean deliveries to crushing plants.

2015 was a tough year for the soybean oil business as global prices for palm oil and soybean oil declined sharply due mainly to global pressure from petroleum prices. To compete with lower cooking palm oil prices, soybean crushers needed to reduce their soybean. Retail prices for cooking soybean oil prices dropped sharply in 2015 to 49.15 baht/liter (US$ 1.39/liter) from 55.0 baht/liter (US$ 1.56/liter) in 2014. As a result, soybean oil crushers opted to switch to exporting rather than selling in the domestic market in late 2015 (MY 2015/16). Soybean oil retail prices have rebounded to 43-45 baht/liter (US$ 1.2-1.3/liter) following the pattern of palm oil prices.

Domestic consumption is estimated to grow at 5-6 percent in MY 2015/16 and MY 2016/17 reflecting growing demand for household consumption and industrial uses.

Exports of soybean oil in MY 2015/16 are estimated to more than double over MY 2014/15 to 50,000 MT reflecting rising exports by soybean oil crushers in late 2015. Exports should drop to about 40,000 MT in MY 2016/17 due mainly to stronger domestic prices. Major importers for Thai soybean oil in 2015 include South Korea (25 percent), Philippines (24 percent), Vietnam (19 percent), and Myanmar (7 percent). Thailand is becoming a large supplier of soybean oil to other ASEAN and Asian economies. In recent years, Thailand has expanded its soybean oil export markets to more than 20 countries, mainly in Asian countries.

Ending stocks of soybean oil are estimated to increase to 21,000 MT in MY 2016/17, but the amount is still below one month of utilization.

Imports of soybean oil (crude and refined) are subject to a tariff-rate-quota (TRQ) system under the WTO agreement. Additionally, a complicated and bureaucratic administration of import permits discourages imports. Currently, the TRQ for soybean oil is limited to 2,281 tons and is subject to a 20 percent tariff rate. The tariff rate for out-of-quota imports is prohibitively high at 146 percent. This has resulted in no imports in recent years and the trend is expected to continue.

Palm Oil

Despite lower yields caused by dry weather conditions in 2014 and 2015, crude palm oil production is estimated to marginally grow to 2.1 MMT in 2016 from 2.07 MMT in 2015 due mainly to increasing planted palm area. Given normal weather conditions in 2016 and early 2017, crude palm oil production in 2017 is forecast to recover to 2.3 MMT. Trade sources report that the palm growing area has increased in the past several years at the expense of other crops, especially rubber plantations as prices for rubber have dropped sharply in the past 3-4 years.

Palm oil consumption should continue to grow 6-7 percent annually in 2016 and 2017 reflecting higher demand for biodiesel production and household consumption. Despite a sharp decline in global palm oil prices in 2015, domestic prices for palm oil dropped in a much less degree than global prices due mainly to the Thai Government's intervention. Crude palm oil prices at refinery plants decreased 4 percent to 27.33 baht/kg (US$ 774/MT) in 2015 from 28.57 baht/kg (US$ 809/MT) in 2014. Prices for fruit bunch of palm (FFB) paid to farmers also declined by 7 percent to 4.65 baht/kg (US$ 132/MT) in 2015 from 5.00 baht/kg (US$ 142/MT) in 2014.

Thailand's palm oil exports are forecast to increase to 120,000 in 2016 and 150,000 MT in 2017 in anticipation of increased production and stocks.

The Thai Government protects its domestic palm oil producers by allowing only the government controlled Public Warehouse Organization (PWO) to bring in imports. Palm oil exports are restricted and allowed when domestic supplies are short to the point of affecting consumer prices and household consumption. In 2015, low domestic stocks and skyrocketing prices prompted the Thai Cabinet to allow a one-time import of 50,000 MT of crude palm olein oil in February 2015 (in addition to temporarily lowering the amount of mandatory vegetable oil content required in biodiesel production by 50 percent from B7 to B3.5). As a result, imports of palm oil in 2015 jumped to 74,950 MT from 23,586 MT in 2014. Post estimates that imports of palm oil should be as low as 20,000-30,000 MT in 2016 and 2017 due to the sufficient level of stocks.

In addition to an import regime, the government imposes price intervention from time to time when prices become too low. In April 2015, in response to farmers' concerns about declining FFB prices after the imports of 50,000 MT in February 2015, the Ministry of Commerce initiated an administrative measure, which set recommendation prices for FFB at 4.00 baht/kg ($121/MT) and CPO at 25.0 baht/kg ($758/MT). On May 20, 2015, the National Palm Oil Policy Committee (NPOPC) announced several additional measures to tackle problems in the palm oil industry including: 1) set up recommendation prices for FFB at the oil content of 17% at 4.20 baht/kg ($127/MT) and for CPO at 26.20 baht/kg ($794/MT) effective for a three-month period (May-July); and 2) allocate a fund of 2,953 million baht ($89 million) to Public Warehouse Organization (PWO) to absorb 100,000 MT of local CPO in a period of June-November 2015 as stocks.

STATISTICAL TABLES

Thailand's Production, Supply & Demand Table for Soybeans

Oilseed, Soybean

2014/2015

2015/2016

2016/2017

Market Begin Year

Sep 2014

Sep 2015

Sep 2016

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Planted

32

38

40

35

0

35

Area Harvested

31

36

30

33

0

33

Beginning Stocks

53

53

204

214

0

211

Production

53

58

50

57

0

50

MY Imports

2411

2411

2350

2200

0

2300

MY Imp. from U.S.

598

598

500

500

0

460

MY Imp. from EU

0

0

0

0

0

0

Total Supply

2517

2522

2604

2471

0

2561

MY Exports

13

13

10

10

0

10

MY Exp. to EU

0

0

0

0

0

0

Crush

1825

1600

1975

1700

0

1750

Food Use Dom. Cons.

245

245

245

250

0

260

Feed Waste Dom. Cons.

230

450

230

300

0

350

Total Dom. Cons.

2300

2295

2450

2250

0

2360

Ending Stocks

204

214

144

211

0

191

Total Distribution

2517

2522

2604

2471

0

2561

Thailand's Production, Supply Demand Table for Palm Kernel

Oilseed, Palm Kernel

2014/2015

2015/2016

2016/2017

Market Begin Year

Jan 2014

Jan 2015

Jan 2016

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Planted

0

0

0

0

0

0

Area Harvested

690

710

710

735

0

750

Trees

0

0

0

0

0

0

Beginning Stocks

0

0

0

0

0

0

Production

360

770

440

790

0

860

MY Imports

0

0

0

0

0

0

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

360

770

440

790

0

860

MY Exports

9

9

5

10

0

10

MY Exp. to EU

0

0

0

0

0

0

Crush

351

761

435

780

0

850

Food Use Dom. Cons.

0

0

0

0

0

0

Feed Waste Dom. Cons.

0

0

0

0

0

0

Total Dom. Cons.

351

761

435

780

0

850

Ending Stocks

0

0

0

0

0

0

Total Distribution

360

770

440

790

0

860

Thailand's Production, Supply Demand Table for Soybean Meal

Meal, Soybean

2014/2015

2015/2016

2016/2017

Market Begin Year

Sep 2014

Sep 2015

Sep 2016

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

1825

1600

1975

1700

0

1750

Extr. Rate, 999.9999

0.7836

0.7813

0.7848

0.7824

0

0.7829

Beginning Stocks

64

64

162

182

0

162

Production

1430

1250

1550

1330

0

1370

MY Imports

3068

3068

3050

3000

0

3200

MY Imp. from U.S.

250

701

250

600

0

700

MY Imp. from EU

0

0

0

0

0

0

Total Supply

4562

4382

4762

4512

0

4732

MY Exports

0

0

0

50

0

100

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

0

0

0

0

0

0

Food Use Dom. Cons.

0

0

0

0

0

0

Feed Waste Dom. Cons.

4400

4200

4600

4300

0

4500

Total Dom. Cons.

4400

4200

4600

4300

0

4500

Ending Stocks

162

182

162

162

0

132

Total Distribution

4562

4382

4762

4512

0

4732

Thailand's Production, Supply Demand Table for Fish Meal

Meal, Palm Kernel

2014/2015

2015/2016

2016/2017

Market Begin Year

Jan 2014

Jan 2015

Jan 2016

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

351

761

435

780

0

850

Extr. Rate, 999.9999

0.5328

0.5322

0.5333

0.5321

0

0.5294

Beginning Stocks

0

0

0

44

0

34

Production

187

405

232

415

0

450

MY Imports

130

130

80

80

0

70

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

317

535

312

539

0

554

MY Exports

1

1

2

5

0

5

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

0

0

0

0

0

0

Food Use Dom. Cons.

0

0

0

0

0

0

Feed Waste Dom. Cons.

316

490

310

500

0

510

Total Dom. Cons.

316

490

310

500

0

510

Ending Stocks

0

44

0

34

0

39

Total Distribution

317

535

312

539

0

554

Thailand's Production, Supply Demand Table for Soybean Oil

Oil, Soybean

2014/2015

2015/2016

2016/2017

Market Begin Year

Sep 2014

Sep 2015

Sep 2016

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

1825

1600

1975

1700

0

1700

Extr. Rate, 999.9999

0.1814

0.1825

0.1823

0.1824

0

0.1882

Beginning Stocks

14

14

20

33

0

26

Production

331

292

360

310

0

320

MY Imports

5

5

3

3

0

4

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

350

311

383

346

0

350

MY Exports

23

23

35

50

0

40

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

35

35

38

40

0

42

Food Use Dom. Cons.

272

220

290

230

0

240

Feed Waste Dom. Cons.

0

0

0

0

0

0

Total Dom. Cons.

307

255

328

270

0

282

Ending Stocks

20

33

20

26

0

28

Total Distribution

350

311

383

346

0

350

Thailand's Production, Supply Demand Table for Crude Palm Oil

Oil, Palm

2014/2015

2015/2016

2016/2017

Market Begin Year

Jan 2015

Jan 2016

Jan 2017

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Area Planted

0

0

0

0

0

0

Area Harvested

690

710

710

735

0

750

Trees

0

0

0

0

0

0

Beginning Stocks

78

78

52

228

0

228

Production

1800

2070

2200

2100

0

2300

MY Imports

75

75

20

30

0

20

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

1953

2223

2272

2358

0

2548

MY Exports

51

95

150

120

0

160

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

1280

1280

1350

1350

0

1450

Food Use Dom. Cons.

500

550

570

580

0

600

Feed Waste Dom. Cons.

70

70

70

80

0

100

Total Dom. Cons.

1850

1900

1990

2010

0

2150

Ending Stocks

52

228

132

228

0

238

Total Distribution

1953

2223

2272

2358

0

2548

Thailand's Production, Supply Demand Table for Palm Kernel Oil

Oil, Palm Kernel

2014/2015

2015/2016

2016/2017

Market Begin Year

Jan 2014

Jan 2015

Jan 2016

Thailand

USDA Official

New Post

USDA Official

New Post

USDA Official

New Post

Crush

351

761

435

780

0

850

Extr. Rate, 999.9999

0.4558

0.4599

0.4598

0.4615

0

0.4588

Beginning Stocks

26

26

11

41

0

41

Production

160

350

200

360

0

390

MY Imports

28

28

25

30

0

20

MY Imp. from U.S.

0

0

0

0

0

0

MY Imp. from EU

0

0

0

0

0

0

Total Supply

214

404

236

431

0

451

MY Exports

63

63

80

70

0

60

MY Exp. to EU

0

0

0

0

0

0

Industrial Dom. Cons.

120

200

120

220

0

240

Food Use Dom. Cons.

20

80

20

80

0

80

Feed Waste Dom. Cons.

0

20

0

20

0

20

Total Dom. Cons.

140

300

140

320

0

340

Ending Stocks

11

41

16

41

0

51

Total Distribution

214

404

236

431

0

451