China’s soybean demand in marketing year 2021-22 (October-September) is expected to remain robust as the domestic production forecast was lowered, the monthly China Agriculture Supply and Demand Estimates report released by the National Bureau of Statistics said Dec. 9.
The forecast for record soybean imports and cuts in domestic production in China is likely to support global prices. The world’s largest soybeans purchaser is expected to import a record 102 million mt of beans in 2021-22, unchanged from the previous month’s estimates and up 2.2% year on year, the CASDE report said. Simultaneously, the domestic projection for 2021-22 soybean output has been cut from 18.65 million mt in November estimates to 16.40 million mt, compared with 19.60 million mt last year, the data showed. The cut in domestic output was largely due to lower yield, which is […]