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Grain market briefs: China to continue hefty purchases of soybeans into year-end

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  • Reuters has reported China will likely import around 8 million metric tons (MT) of soybeans per month in the fourth quarter, with most coming from the US. Demand for soybean meal remains solid, the report said. China’s poultry sector sees strong demand for meal as consumers seek alternatives to pork due to African swine fever.
  • The ag consultant IKAR raised its Russian grain crop forecast for 2020-21 by 1.5 million MT, to 129 million MT. IKAR increased its wheat crop projection to 81 million MT. The firm expects Russia to export 48 million MT of grain in 2020-21, up 500,000 MT from its earlier estimate.
  • APK Inform has forecast Ukraine will produce a 73 million MT grain crop in 2020, up 1.5 million MT from its earlier forecast. The rise was due to a 700,000 MT increase to its corn crop estimate, to 37.3 million MT. The consultant expects Ukraine to export 51.8 million MT of grain in 2020-21, up 1.2 million MT from its July estimate.
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