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China to import less soybeans for first time in 15 years

China is expected to import fewer soybeans in the coming year, the first decline in that country’s total soybean imports in 15 years.

The USDA estimates Chinese soybean imports in the 2018-19 season will be 95 million metric tons, which would be a drop of two percent from the prior crop year. China is expected to use more from its own soybean stockpile, with the USDA forecasting an 18 percent decline in China’s inventories in 2019. Chinese farmers will also switch to alternative ingredients for their animal feed, according to the Chinese government.

Meanwhile, an official of China’s Commerce Ministry said Thursday that the U.S. and China have not been in touch about restarting stalled trade talks.