China will likely import a record amount of soybeans this year as crushers will turn to cheap overseas supplies to meet nearly all the demand for soymeal, according to Pro Farmers First Thing Today. Climbing soymeal demand could prompt China to import as much as 85 million metric tons of soybeans for the 2015-16 marketing year, according to an analyst with China National Grain and Oils Information Centre, which would be an increase of 9 percent from the year prior.
Feed mills are relying on soy product to replace other protein sources like rapeseed, distillers dried grains and cottonseed. Production of rapeseed and cotton are expected to fall sharply this year, and the country has launched an investigation into U.S. DDG’s imports that will slow its imports of the byproduct.
