China's Ministry of Agriculture and Rural Affairs has said it will increase soyabean plantings, targeting a reduction in import volumes for Q1 2019, despite agreeing to increase US imports of the oilseed. The ministry also announced that China would boost soybean production by about 1 million tonnes this year, up from last year's 1.05 million. In January alone, the country imported 7.38 million tons, a 30% increase from the month before, but below the 8.48 million tons imported the previous year.
China's Ministry of Agriculture and Rural Affairs has said it will increase soyabean plantings, targeting a reduction in import volumes for Q1 2019, despite agreeing to increase US imports of the oilseed. Estimates suggest China will import less of the commodity than the year before with 83.65 million tons of soyabeans forecast for 2018-2019. In January alone, the country imported 7.38 million tons, a 30% increase from the month before, but below the 8.48 million tons imported the previous year.