China has forecast that its soybean imports will fall next year, as the country seeks to reduce its use of soybean meal in livestock production. The estimate is also part of the first outlook for the crop year 2025/26, released this Monday.
According to the report, initiatives to reduce the share of soybean meal in animal feed are expected to reduce consumption in the livestock sector. Consequently, China will also reduce imports next year.
Finally, soybean imports are forecast to total 95.8 million tons in the next crop year. In comparison, this represents a decrease of 2.8% compared to the forecast of 98.6 million tons for the current cycle.
According to the report, soybean imports this crop year are being boosted by a bumper harvest of new beans in South America. Even so, the current forecast remains below last year's levels.
China raised its import estimate for 2024/25 from the total forecast in April (94.6 million tonnes).
Despite the upward revision, total soybean imports are still below the 104.75 million tonnes recorded in 2023/24.
Source: Sam Li and Lewis Jackson | Notícias Agrícolas
