China's soybean imports could drop by 10 million tons

China could lower its soybean imports by more than 10 million tons this year. New technologies for the production of soybean meal and imports of alternative protein-rich plants such as sunflowerseed or palm seed compensate. This is reported this morning China's Handelsblatt Economic Daily.
Five million tons of soybeans can be compensated by producing soybean meal with less protein.
4.8 million additional imports of sunflowerseed, palm seed or rapeseed would replace another 6 tonnes of soybeans.
The demand in China for soybean meal will remain listless in the coming months, because the pigmeat is losing money. Soybean meal consumption fell by 1.3% in the months from April to June compared to the same period last year.
On 6 July, China imposed a fine of 25% on US goods, including soybeans, in response to US tariffs on Chinese imports.
From soybeans Chinese oil mills produce edible oil and protein-rich soybean meal, which is mostly used as pig feed. In 2017, China imported soybeans from the United States worth $ 12.3 billion.
China imports about 60% of all soybeans available on the world market, including 32.9 millionTons from the US, representing 34% of Chinese bean imports.

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