FAS sees record soybean demand from China
The USDA’s Foreign Ag Service is projecting continued strong soybean import demand from China due to rising swine and poultry feed needs.
The FAS sees imports this marketing year at a record 101 million tons, compared to 99.762 million last marketing year, with nearly all of that, 98 million tons, expected to be crushed domestically for feed and food use.
China’s new marketing year started October 1st.
It’s unknown how much of that will come from the U.S. Brazil’s soybean planting pace is faster than average, which should make their new crop beans available for export earlier than normal. Brazilian soybeans for delivery this winter are at a discount to U.S. prices.
The USDA’s next official projection is scheduled for Tuesday, November 9th at Noon Eastern/11 Central.