IGC Downgrades Forecast for Chinese Soyabean Imports

Grain

The International Grain Council downgraded its forecast for Chinese soyabean imports in the 2021/22 trade year (Oct-Sep) by 1.8 Mt to 98.5 Mt citing lower domestic demand, although shipments are still expected to be 3.2 Mt higher year-on-year.

By contrast, forecasts for Australian and Ukrainian wheat exports for the 2021/22 trade year (Jul-Jun) were both raised, up 0.4 Mt and 0.6 Mt to record highs of 24.3 Mt and 24.5 Mt, respectively. Reduced competition amidst supply tightness in other exporters is expected to aid shipments.