Demand from China drives US' soybean trade

Data show both economies intertwined with huge potential for cooperation

China is likely to import 30 million metric tons of soybeans from the United States in the latter's 2024 marketing year (Sept 1, 2023 to Aug 31, 2024), matching the amount imported in the previous marketing year, the US Soybean Export Council predicted on Tuesday.

Zhang Xiaoping, the USSEC's country director for China, said that China has already imported 20 million tons of US soybeans so far for the 2024 marketing year.

Based on the current market demand and the situation of South American supply, Zhang said that the estimated import volume from the US is expected to remain at last year's level, at around 30 million tons by the end of August.