Tang Ke, Director of Market and Information Division, Ministry of Agriculture and Rural Affairs said on Aug.26 that as the first stage trade agreement between China and USA is implemented, soybeans imported from USA are expected to increase continuously. The soybean import amount is increased and price is stable in the first half year.

Imported soybeans of China are mainly used to squeeze oil, and meet domestic demands for edible vegetable oil and bean pulp feed. Main importing countries are Brazil, USA and Argentina. Since this year, global spreading of COVID-19 epidemic objectively restricted soybean demands. In addition, the low oil price suppresses demands of biomass fuel, so supply and demand of global soybeans is loose. The international soybean market price is stable as a whole, objectively in favor of soybean import in China.

According to subsequent trend, the soybeans in North America entered into market successively. As the first stage trade agreement between China and USA is implemented, soybeans imported from USA are expected to increase continuously. The soybean import amount is increased and price is stable in the first half year. The downstream bean pulp and bean oil supply can be guaranteed. The state reserve auctioned soybeans are supplied to market successively. Moreover, new beans are about to enter market, the market supply will increase continuously. The price of domestic soybean is expected to fell from high level.