China is the world’s top soybean importer, but they’re taking steps to reverse that trend. AgriMoney.com reports China plans to massively increase its oilseed production over the next four years.
The move should reverse a trend that’s seen soybean imports rise dramatically, even as excess corn continues to stockpile in government inventories. China’s top policy body announced a goal of increasing soybean production 56 percent from 2014 to 2020.
The shift toward planting more soybeans comes on the heels of policies designed to shrink the number of acres planted to corn. The goal is to re-balance commodity supplies in the domestic market. China’s demand for soybeans is driven by the largest chicken and pork sector in the world, while rising world incomes are driving the demand for meat higher as well.