soybean harvest

USDA China Office Expects Record Imports for Soybeans

Dan Industry News Release

The U.S. Department of Agriculture’s office in China expects the nation will likely import a record 86 million metric tons of soybeans during the current marketing year, up 3.5 million metric tons from last year. Pro Farmer’s First Thing Today reports a recovery in swine production and steady growth in the poultry sector has boosted demand for feed and protein meal in China. However, USDA expects the rate of growth for soybean imports to slow as the country’s soybean production recovers and China unloads soybean and oilseed product reserves. Meanwhile, lower imports of distillers dried grains due to China’s antidumping duties should boost soymeal demand and thus soybean imports, according to USDA. That’s welcome news for U.S. soybean farmers as a recent USDA report forecasted another record soybean harvest for the current growing season.

From the National Association of Farm Broadcasting news service.