China cuts soybean import forecast for next crop year as trade war to curb demand

Imports of soybeans in the crop year that starts on Oct. 1 will be 93.85 million tonnes, down 1.8 million tonnes, or 2 percent, from last month’s estimate. Compares with its estimate of 95.97 million for the 2017/18 crop year and would be the lowest import level since the 2016/17 year. Meanwhile, crushers that make meal and oil from the beans will process fewer beans in favour of other protein substitutes. Meal made from rapeseed, peanuts and sunflower seeds are expected to be popular alternatives. The government also cut its soybean consumption forecast by 2 percent from the previous month’s outlook to 109.23 million tonnes. That would still be 1 percent higher than consumption in the 2017/18 crop year.