China’s soybean imports in October surged 41% on the year as the country’s recovery from African swine fever supported demand for the animal feed.
According to the China’s customs report released Nov. 7, the world’s top soybean consumer imported 8.69 million mt of beans in October.
Soybeans futures prices are expected to continue on an upward trend on strong demand from China in the coming days, analysts said.
CBOT November soybean futures prices were trading in the range of $10.98/bu – $11.09/bu on Nov. 6, near a four-year high.
Swine fever
China lost over 50% of its swine population to the African swine fever, which started in August 2018. Following large scale quarantine measures and the culling of more than 200 million pigs, the country’s pig population has been on the path of recovery since late 2019.
According to the latest Agricultural Ministry of China’s report, the country’s pig herd increased by 31.3% year on year, while the sow herd had risen 37% on the year in August…
