China to Import Less Soy First Time Since 2004
- China will have to pay more for soy after imposing tariffs
- USDA predicts a drawdown in the nation’s inventories
Soybeans
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
China has been gobbling up the world’s soybeans at breakneck speed over the past decade. But as the trade spat with the U.S. escalates, its imports of the oilseed are set to decline for the first time in 15 years.
China will bring in 95 million metric tons of soybeans in the 2018-2019 season, the U.S. Department of Agriculture said on Thursday in its monthly World Supply and Demand Estimates report. That’s down from the USDA’s June forecast for 103 million tons and would mean a drop of 2.1 percent from the prior crop year.