USDA FAS sees rising soybean demand for China
The USDA’s Foreign Ag Service expects China to import 84 million tons of soybeans this marketing year and 86 million tons next marketing year.
That’s as China’s hog and sow inventories expand and recover from the spread of African swine fever, increasing crush demand and the use of soybean meal.
Vegetable oil demand is also expected to grow, but at a slower pace because of the impact of COVID-19 on food service demand.
The 2019/20 marketing year for U.S. soybeans runs through the end of August. The USDA’s next set of supply and demand estimates is out April 9th.