BEIJING, CHINA — As China’s swine industry bounces back from the African swine fever (ASF) outbreak so does the country’s demand for soybean and soybean meal, according to a June 29 Global Agricultural Information Network report from the US Department of Agriculture (USDA).
Growth in not only China’s swine industry but also poultry is expected to increase soybean meal demand for feed use. Imports of soybean in marketing year 2020-21 are forecast to total 91 million tonnes, up 5 million tonnes from the previous March 2020 annual USDA report.
China’s marketing year 2019-20 soybean import forecast jumped 6 million tonnes, to 84 million tonnes, as the coronavirus (COVID-19) created potential supply concerns. In an attempt to avoid possible COVID-related supply issues, higher-than-average imports of soybeans from Brazil arrived in China May through June 2020, the USDA said.
Domestic soybean production is also on the rise due to stable subsidy rate and higher soybean prices during sowing season. Marketing year 2020-21 soybean production is forecast at 18 million tonnes, a 0.7 million increase compared to the previous year.