China’s Jan ASF outbreak not a challenge to soybean demand recovery: sources
The resurgence of the African swine fever cases in China’s Guangdong-based pig farms following the outbreak at a major pork producing company over January 20-22 is unlikely to pose a serious challenge to China’s overall hog herd numbers, supporting the strong recovery in its soybean demand, industry sources told S&P Global Platts Jan. 28.
With the hog herd recovery on a swifter-than-expected curve, China’s soybean demand has also been projected to hit record highs.
According to S&P Global Platts Analytics, the world’s largest soybean purchaser is expected to import all-time high volumes of the oilseed in 2020-21 and 2021-22 marketing years (October-September) at 100 million mt and 110 million mt, respectively.
Brazilian soybean exports plummeted in January on ebbing supplies, as farmers sold almost all their old crop soybean stocks, market sources told S&P Global Platts Jan. 19. Brazil exported 17,500 mt in the first half of January, compared with 630,000 mt shipped out in the same period last year, data released by Brazil’s foreign trade .
Brazilian soybean prices and sales are expected to remain elevated in the 2020-21 marketing year (February 2021-January 2022) on the back of a lower ending stock forecast, market sources told S&P Global Platts Jan. 7. The country’s soybean sector is expected to have extremely low ending stocks in 2020-21 of 0.36% of domestic supply, compared .