China Increases 2019-20 Soybean Import Forecast to 91m Tons

China boosted its estimate for soybean imports for the current marketing year to 91m tons, citing better crushing profits and the implementation of the phase-1 trade deal with the U.S., according to China Agricultural Supply and Demand Estimates (CASDE). * That’s 3.32m tons higher than last month’s projection SOYBEANS * China’s 2020-21 soybean imports are estimated to rise further, up 2.6m tons from the previous year to 93.6m tons * Country’s own acreage for 2020-21 crop year seen up 2.6% due to subsidy incentives to growers and rise in domestic soy prices ** Output seen at 18.8m tons, +4% y/y CORN * 2020-21 corn imports are expected to increase by 1m tons from previous year to 5m tons as overseas prices are cheap and shipments from the U.S. are expected to rise “noticeably” * 2020-21 consumption seen at 285m tons vs output at 267m tons ** Hog breeding is recovering, while poultry breeding will remain elevated * 2020-21 acreage is forecast to rise 1% from previous crop year to 41.7m hectares (Bloomberg)