STAT Communications Ag Market News

Chinese Food Soybean Demand Growing

WASHINGTON - May 29/18 - SNS -- China offers excellent potential for the sale of food grade soybeans, but the country's zero tolerance for traces of genetically modified soybean varieties makes selling troublesome, notes the U.S. agricultural attache for the country.

The attache noted that Canada is aggressively targeting China's food-grade soy market, exporting 130,000 MT during the 2016-17 marketing year for a 23% market share.

While USDA representatives in the country focus on U.S. exports, they said "it is positive to see that China is importing Canadian soybeans. . . . North American soybeans have increased their market share from 7% of China's imports to 24% in the past two years. This indicates a robust demand for high quality food-grade soybeans which the United States is poised to meet once trade barriers are lowered."

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