The U.S. Department of Agriculture’s office in China expects the nation will likely import a record 86 million metric tons of soybeans during the current marketing year, up 3.5 million metric tons from last year. A recovery in swine production and steady growth in the poultry sector have boosted demand for feed and protein meal in China. However, USDA expects the rate of growth for soybean imports to slow as the country’s soybean production recovers and as China unloads soybean and oilseed product reserves.
Meanwhile, lower imports of distillers dried grains due to China’s antidumping duties should boost soymeal demand and thus soybean imports, according to USDA. That is welcome news for U.S. soybean farmers as a recent USDA report forecasted another record soybean harvest for the current growing season.
Source: NAFB News Service