China can reduce its soybean demand by 30 MMT by continuing to promote lower soymeal rations in feed and using alternative proteins, the official Xinhua news agency reported, citing unnamed agriculture officials. After China issued guidelines last year recommending the reduction of soymeal use, the portion of soymeal in feed reportedly dropped to an average 15.3%, down 2.4 percentage points compared with 2020. Among the top 33 feed companies, soymeal rations averaged 11.8%, a decrease of 1.6 points from the previous year. China has said boosting soybean production will be a “major political task.” The report on the potential sharp reduction in soybean demand comes after front-month soybeans topped $16 for only the fifth time ever last week.
Report: China Could Cut Soybean Demand by 30 MMT
China can reduce its soybean demand by 30 MMT by continuing to promote lower soymeal rations in feed and using alternative proteins, the official Xinhua news agency reported, citing unnamed agriculture officials.
(Farm Journal)
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