China may increase soybean imports to 97 million tons in the 2023/24 season amid growth in the national livestock sector. This forecast was made by representatives of the Foreign Agricultural Service of the U.S. Department of Agriculture (FAS USDA) in Beijing.
According to experts, the driver for the growth of oilseed purchases will be an increase in domestic consumption, as well as the easing of quarantine restrictions on COVID-19.
However, experts continue, the cost of soybean meal is now at a fairly high level, which prevents its inclusion in the ration of feed for farm animals, especially against the background of low profitability in the pork and poultry sectors.
Recall that China is the world’s largest importer of soybeans – about 100 million tons of this crop are imported into the country annually, and another about 20 million tons are produced in the domestic market.
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