China’s ag ministry cut its estimate for 2021-22 (Oct.-Sept.) soybean imports to 91.0 MMT, down 2 MMT from the previous month’s forecast, as heavy hog industry losses reduced demand for soymeal. Soybean imports are now forecast to fall 8.8% from 2020-21.
The ag ministry kept its 2022-23 soybean import forecast at 95.2 MMT, which would be a 4.6% rise from this year. Estimates to corn output, imports and consumption were also unchanged, however, recent low temperatures and excessive rainfall in the northeast, might impact corn production in some areas, the ministry said.
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