Issued on 9 Dec 20
China set to ramp up soybean imports AGRICULTURAL analysts believe China will import record volumes of soybeans in 2021, exceeding recent US forecasts, due to a swifter than expected recovery by the country’s pig herd from the swine fever epidemic
The US Department of Agriculture recently downgraded its previous forecast of 100 million tons of exports - a record amount - for the 2020-21 marketing year (October – September), instead saying it believed imports would ultimately reach 95 million tons.
However, analysts say they now expect totals to exceed even the previous forecast, pointing to the fact that China is already expected to import 100 million tons in calendar 2020 while the country’s swine herds have not yet fully recovered. China lost more than 50% of its swine population after African swine fever took hold in August 2018, severely curbing demand for soybeans. However, swine stocks have now risen by more than 30% in 2020.