Officials from Auction Holdings Commodity Exchange (AHCX) are encouraging farmers in Malawi to grow more soya, saying the crop can bring in US$1 billion in one growing season.
AHLX publicist Thom Khanje said the legume has steady markets in Zambia and Botswana.
“Zambia has banned the importation of cooking oil therefore there is huge demand for soya for the processing of cooking oil,” said Khanje.
He said in Botswana, soya is in great demand for the processing of food.
“We estimate that if farmers grow more soya, we can get US$I billion just in one growing season, this can be a big boost to our economy,” he said.
Tobacco is facing a smoky and foggy future because of constant low prices and high rejection rate forcing tobacco authorities to introduce quota system for the growing of once Malawi leaf gold.
“Even here in Malwi, soya pieces is a hot meal so there is a very good stable market in Malawi,” he said.
He said currently, soya is fetching at K350 per kilogram.