China buying fewer soybeans
China last week slashed its forecast for 2018/19 soybean imports as farmers reduce their use of the oilseed in animal feed because of the trade conflict with the United States, Reuters reported.
Imports of soybeans in the crop year that starts on Oct. 1 will be 83.65 million metric tons, down 10.2 million metric tons from last month’s estimate, the Ministry of Agriculture and Rural Affairs said in its monthly crop report. The forecast is lower than the 93.9 million metric tons imported during the 2017/18 crop year.
The government also...
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