China may increase imports of soybeans by 2 million tons per year - forecast

Published 2021년 11월 3일

Tridge summary

Despite an expected decrease in pork production, leading to reduced soybean meal consumption, China's soybean imports are projected to grow by 2 million tons in 2021, reaching over 100 million tons, according to Maxim Minenko, commercial director of Jiusan Food Co. This increase is attributed to the Chinese government's efforts to control pork production prices. The volume of Ukrainian soybean supplies to China is also expected to rise, with imports predicted to hit 65 thousand tons by year's end. China's imports of non-GMO soybeans are estimated to reach 1.5-2 million tons, with Russia, Ukraine, Ethiopia, Tanzania, and Canada as the main suppliers.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Despite a possible reduction in pork production in China, which will lead to a decrease in soybean meal consumption, Chinese soybean imports will grow by 2 million tons in 2021, said Maxim Minenko, commercial director of Jiusan Food Co, citing data from the United States Agency for International Development (USAID). On November 2, the online resource AgroPortal.ua reports. "According to USAID forecasts, China will import more than 100 million tons, which is 2 million tons more than last year," Minenko said at the international conference "Legumes are the future of the planet." He said that the increase in soybean imports comes against the background of the government's recommendation to reduce the volume of pork production in order to support prices, which have more than halved over the past six months. The head of a Chinese soybean processing company noted that the volume of supplies of Ukrainian soybeans to China is growing, and this is facilitated by their quality. “According ...

Source: Oilworld