USDA predicts China will import 91 million tons of soybeans in 2016/17

According to US media reports, a few days ago, the US Department of Agriculture has released the current export inspection weekly report. From the inspection weekly report, it can be seen that US exports to mainland China soybean144,550 tons have been shipped in the week ending July 20, 2017, compared to 140,999 tons shipped in the previous week.

U.S. soybean exports to China accounted for 24.2 percent of total exports that week, compared with 49.3 percent last week and 0.7 percent two weeks ago.

In its July 2017 supply and demand report, the U.S. Department of Agriculture predicted that China would import 91 million tons of soybeans in 2016/17, 2 million tons higher than last month's forecast and 9.3 percent higher than 83.23 million tons in 2015/16. The U.S. Department of Agriculture also predicted that China's soybean imports in 2017/18 would be 94 million tons, 1 million tons higher than last month's forecast.

In contrast, China's soybean imports increased by 6.2 per cent year-on-year in 2015/16, 11.4 per cent year-on-year in 2014/15 and 17.5 per cent year-on-year in 2013/14.

Source: First Agricultural Economic Journal | Release Date: July 25, 2017 | Responsible Editor: Zhai Tianchang