Chinese Soybean Imports – 10/14/2021

China soybean imports account for about a third of the combined U.S., Brazilian, and Argentine  soybean crops. Chinese soybean demand is a linear function of Chinese soybean meal demand as China’s domestic soybean production variability is small compared to the size of crush needed to meet domestic protein consumption.

This month USDA forecast 2021/22 Chinese soybean imports at 101 million  tonnes compared to 99 million tonnes in 2020/21.The USDA forecast could be conseverative if the Brazilian/Argentine soybean crops are as large as USDA currently forecasts and supplies are adequate to meet increased Chinese demand.