Despite Beijing’s ongoing efforts to reduce dependence on foreign soybeans by reformulating livestock feed, China’s import volumes remain robust. In 2024, the country imported over 100 million metric tons of soybeans, primarily to support its vast hog farming sector. Although the government has set an ambitious target to reduce soybean meal use in animal feed to 10% by 2030—down from 13% in 2023—recent data suggest that these goals may not be translating into immediate reductions in demand. The U.S. Department of Agriculture projects China’s soybean imports will reach 109 million tons in the 2024–2025 cycle, further reflecting this disconnect. The continued high levels of imports, especially from Brazil, underscore China’s reliance on global supply chains to meet domestic protein needs. While long-term reforms could shift consumption patterns, current market behavior indicates that China’s feed industry and state reserves still depend heavily on international suppliers, sustaining pressure on global soybean markets.

Link: https://www.reuters.com/markets/commodities/chinas-reliance-soybean-imports-continues-despite-cutback-plans-braun-2025-04-30/