China is likely to continue importing large amounts of soybeans.
This development is based in large part on the recent drop in the price of U.S. soybeans, which has helped improve the profit margin for vegetable oil extraction in China. Information from the industry shows that even though China's harvesting of soybeans will begin in October, the country will continue importing soybeans. Its monthly quantity of soybean imports, however, may decrease from between 1.1 million and 1.3 million tons that it imported in June, July and August to between 0.6 million and 0.7 million tons. On the other hand, the weak vegetable oil price has also dampened China's demand for foreign rapeseed, especially now that the country has already concluded its record harvest of 7.8 million tons of vegetable oil crops. China is also importing a large quantity of soybeans because its extraction capacity has grown quickly from a range of 17 million to 20 million tons.