Advance Trading Commodity Research Analyst Brian Basting says USDA’s May Supply and Demand report for soybean carryout is suggesting a significant recovery of demand from China in 2021. “From a standpoint of recovery in their sow herd due to the African swine fever and also, the economy is settling down,” says Basting. “The USDA initially forecast China soybean imports by 96 million tons and that would be a record.” USDA increased China’s old crop soybean demand by three million tons. “It looks like the imports are coming from South America instead of the U.S. That’s why the USDA lowered old crop U.S. exports.”
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