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Expanding hog herd drives surge in China’s soybean imports

China’s appetite for pork drove a 13 percent increase in that country’s April soybean imports.  Government data from China says strong soybean meal demand prompted record setting monthly imports.  China needs feed for its growing number of hogs, according to Jim Sutter, CEO of the U.S. Soybean Export Council (USSEC).

“The pork business (in China) is driving strong feed demand, which is in turn driving strong soybean meal demand in China, which is, thankfully, driving strong soybean import demand,” Sutter told Brownfield Ag News.

The U.S. has exported more than 57 million metric tons of soybeans, soybean meal and soybean oil so far this marketing year, versus less than 50 million a year ago, said Sutter.

“Of that, to China, we’ve exported about 33-and-a-half million tons of soybeans,” said Sutter, “so about half of our total exports, a little over that, have gone to China.”

South America reduced soybean exports because of its farmers holding recently harvested soybeans for a higher price, according to Sutter.  That, he said, resulted in China pulling more soybeans out of the U.S., which has continued to happen.

AUDIO: Jim Sutter (7 min. MP3)

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