China, the soyabean consumer

USDA adjusted the Chinese soyabean balance. Accounting for recent soyabean purchases, opening stocks were adjusted from nil to over 4m tonnes(!).

Despite the increase in domestic availability, China is expected to remain the
main soyabean importer this year.

With the economy recovering and production forecast to be close to last years level, imports are projected to soar to over 7m tonnes this season.

Most of last years beans were imported from the US. Given a greater US availability and thus price competitiveness this year, this is expected to continue and should alleviate some of the US supply pressure.