Soybeans: Chinese Ministry of Agriculture lowers estimate for imports

The Chinese Ministry of Agriculture lowered its estimates for soybean imports on Friday, August 11, in the 2021/2022 harvest to 91.02 million tonnes, down 1.98 million tonnes from the previous month’s forecast.

Heavy losses from the swine industry reduced demand for soybean meal, which explains the downward review.

Imports will drop 8.8% from a year earlier, said the report by China Agricultural Supply and Demand Estimates (CASDE), which also lowered its estimates for edible oil production by 320,000 tonnes to 27.68 million tonnes.

Source: Money Times

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