Chinese Officials Expect Rise in Soybean Imports

China will likely import six percent more soybeans during the 2015-2016 marketing year. A Chinese official expects the country to import 83 million metric tons of soybeans during the current marketing year, up 4.65 million metric tons from last year. Pro Farmers First Thing Today reports the forecast from Wang Lin, managing director of COFCO Futures, tops the current USDA forecast for China. USDA’s latest forecast suggests China will import 80.5 million metric tons of soybeans. Lin, however, explains that hog margins are attractive, which should boost feed demand. He also noted Chinese corn imports are likely to be subdued due to efforts to reduce its stockpiles.