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China remains largest purchaser of US soybeans, stronger collaboration expected: US industry representative
By Yin Yeping
Published: Oct 12, 2022 09:59 PM
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The volume of soybeans shipped from the US to the Chinese mainland surged last week, 11.6 times more than the previous week, but it was only about half of the year-earlier level, the China Soybean Industry Association said.
Main reasons for the dip in soybeans trade include significantly reduced consumption by hotels and restaurants due to COVID-19 resurgences in 2022, the reduced pork price on the market, and sunflower oil substitution for price reasons, according to Sutter. However, Sutter believes that the trade will remain resilient and meet previous forecast for a higher volume.
The USSEC expects that China's soybean imports will increase again to 98 million metric tons in marketing year 2022/23.
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zhttps://www.globaltimes.cn/page/202210/1277017.shtml