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USDA Lifts Chinese Soyabean Import Forecast

Grain

The US Department of Agriculture (USDA) has lifted its forecast for Chinese soyabean imports in the 2019/20 market year (Oct-Sep) by 2.0 Mt from its May estimate to 94.0 Mt, citing the strong pace of exports from Argentina and Brazil, which did much to support Panamax/Kamsarmax demand in recent months.

The recovery in Chinese soyabean import demand growth has been driven by rebuilding of domestic pig herds after the African Swine Fever outbreaks.

The USDA anticipates Chinese soyabean imports will rise to 96.0 Mt in 2020/21, exceeding pre-African Swine Fever levels in 2017-18, although there remains scope for further revisions.