China's Declining Soy Imports in Response to Pig Farming Sector's Decreased Demand

In the 2023/24 marketing year, China plans to reduce soy imports due to decreased demand in the pig farming sector, the primary consumer of soy. This is reported by "UkrAgroConsult" citing Oilworld. Although the USDA forecasts imports at 102 million tons, Shanghai-based JCI China predicts a decrease to 96.2 million tons. Local traders anticipate a further reduction in imports in the first quarter of 2024. Profitability in China's pig farming has dropped to a ten-year low, affecting the overall demand for soy.