China’s soybean imports increased significantly as the domestic hog population recovers, however, commodity prices are rising and domestic demand for soybean expects to be modest in the coming months, reported the South China Morning Post.
In the first five months of 2021, soybean imports from the US and Brazil were up 12.8% year on year as China purchased 38.23 million tons of soybean and spent $19.35 billion on the crop.
China’s hog herd, which suffered from African swine fever, has been steadily recovering and consequently, driven the surge in soybean imports.