BEIJING, CHINA — Increasing feed demand has boosted China’s soybean import outlook, according to a Global Agricultural Information Network (GAIN) report from the US Department of Agriculture (USDA).
The USDA estimates China’s soybean imports for the 2021-22 marketing year is expected to hit a record high of 100 million tonnes.
Recovering feed demand is forecast to lift China’s soybean crush volume to 99 million tonnes in the 2021-22 marketing year compared to 97.5 million tonnes in the 2020-21 marketing year.
Despite an increased demand from the feed sector China’s soybean production for the 2021-22 marketing year remains unchanged at 18.6 million tonnes due to stable acreage and minimal yield growth. The USDA noted a downward trend in the soybean subsidy rate in recent years is expected to discourage soybean acreage growth in the upcoming marketing year.