December 23, 2020

China's total soybean imports for this year to hit record 100 million tonnes

An executive from leading state-owned grains trader COFCO Group said China's total soybean imports in 2020 is expected to hit more than 100 million tonnes, a record high, as China aims to rebuild its swine herd to meet surging demand for pork, Reuters reported.

Zhou Jishuai, deputy general manager of the hedging and trading department of COFCO Oils and Oilseeds, part of COFCO Group, said China is projected to crush 92.6 million tonnes of soybeans this year.

China's Ministry of Agriculture and Rural Affairs said the country has recovered more than 90% of its swine herd levels, which was decimated by African swine fever (ASF). Some analysts are skeptical about the recovery numbers.

Zhou said demand for soybean is expected to remain strong this quarter and into the first quarter of 2021.

He also said soybean oil demand is estimated to increase more than 6% this year, thanks to its increased use in livestock feed and biodiesel.

- Reuters