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For years, China’s demand for soybeans has driven production; at Rabobank’s Market Forum in New York City last December, 61% of 350 industry officials polled believe China will continue to drive agricultural demand for the next decade.
However, on January 8, China?s National Grain and Oils Information Center said January soybean imports will total only 4.6 million MT, down from a December total of 5.4 million MT. The Center also said the rate of annual growth in Chinese soybean demand is declining.
Director of Market Development Grant Kimberley with the Iowa Soybean Association says soybean demand will likely increase.
One reason for the increase is China’s burgeoning middle class, which grew to 300 million citizens in 2012, and will likely continue to grow.
