China Upgrades Soybean Import Forecasts on January 9

On January 9, China raised official forecasts for soybean imports for the current agricultural year to 87 million tons, which is 3 million tons more than previously predicted. These data are very encouraging global suppliers of soybeans, because China is the largest consumer of these legumes (62.8% of world imports at the end of 2017) and for several months did not buy soybeans from a traditional supplier – the United States due to trade disputes of the two largest world economies.

The main sellers of soybeans to China are Brazil (52.8%), the USA (35.2%) and Argentina (6.8%), Ukraine’s share in this segment is very small – only about 0.1%, but due to trade wars our agrarians have the opportunity to increase their soybean exports to the eastern dragon.

“Ukraine is the only producer that over the past 5 years has steadily increased deliveries of soybeans to China. In connection with the weakening of relations between China and the United States, there is an opportunity for it to further increase exports to this country, which can be done within the framework of the existing bilateral relations of Ukrainian companies with trading partners. However, most likely, China will cover its needs when its relations with the United States are complicated primarily at the expense of its largest trading partners – Brazil, Argentina, Uruguay, Canada, etc., ”the expert of the agrarian markets of the association Ukrainian Club of Agrarian told business (ASTP) Daria Gritsenko.

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