China’s Soybean Imports Could Be Less Than USDA’s Projection
Bottom Line: Based on current data, China’s July soybean imports could be about 8.0 MMT (vs 7.76 MMT last year and 7.69 MMT in June). August imports could be 6.7 MMT. Based on the pace of imports to date (and projected imports for July and August), we are concerned that USDA may have been too aggressive…