CHINA TO IMPORT RECORD SOYBEAN VOLUME
China is expected to import a record volume of soybeans in 2022-23. Soybean imports are estimated at 101 million tonnes due to relatively lower prices and the revival in demand for soybean meal and vegetable oil following the lifting of COVID restrictions. Imports in the first 10 months of 2022-23 have surged to 84.3 million tonnes, a 10% increase compared to the previous year.
Expansion of domestic soybean production and the higher 2022-23 imports are expected to weigh on soybean import growth. Several forecasts are calling for a slight decline in imports for 2023-24 to 98.5 million tonnes.
(Link: WordGrain.com)
RUSSIA, CHINA AGREE TO BUILD NEW GRAIN HUB ON BORDER
Multiple deals signed by Chinese and Russian officials on Sept. 11 are designed to efficiently move Russian grain to China, and include creation of a new grain hub at the border of the two countries, the South China Morning Post reported. the “Grain Terminal Nizhneleninskoye-Tongjiang,” will be located between Vladivostok in Russia’s far east and China’s northeastern province of Heilongjiang.
The Trans-Baikal Grain Terminal also secured a contract with China’s Guangdong BestCon Intelligent Equipment firm on Sept. 11 to create the first specialized land grain fleet in Russia. The Trans-Baikal Grain Terminal also secured a contract with China’s Guangdong BestCon Intelligent Equipment firm on Sept. 11 to create the first specialized land grain fleet in Russia. Russia’s EPT Production and Export Company finalized two contracts on Sept. 11 for the production and supply of grain, legumes and oilseeds with Noble Home.
(Link: WordGrain.com)
