China soy imports to rise 5% in 2018: CNGOIC

China’s imports of soybeans are expected to rise 5% in 2018 to 100 million mt, the China National Grain and Oil Information Centre said Thursday, as the country’s demand for animal feed continues to rise.

The figure is up on the 95.5 million mt the country imported in 2017.

The report, which is issued weekly, said high profits in the pork sector were the main driver for rising soybean imports in 2017 and it expected moves towards replacing hybrid feed with soybean feed as a continued driver in 2018.

The figures come as global soybean production is expected to be broadly the same in 2017/18 as the year before – at around 359 million mt.

About 8 million mt is expected to arrive in January, according to the centre.