October 20, 2014

China's soy imports to hit highest in six years

According to the latest report from USDA, China's soy imports for MY13/14 is estimated at 69 million tons, up from the 68 million tons in previous report. The report also forecasts China's soy imports for MY14/15 to reach 72 million tons, which will be the highest in last six marketing years.

Based on Global Trade Atlas (GTA) statistics, China's total soy imports for the first three quarters of MY13/14 has reached 51.83 million tons, increased 24.6% year-on-year. 

China's CNGOIC attributed the MY13/14 high import growth to strong consumption demand for protein meal as domestic supply was unable to meet the large crushing capacity. According to industry sources, the increased use of soymeal by China's feed industry also contributed to the rising demand.