Soybean imports were raised by 1 million tons for both the 2025/26 and 2026/27 marketing years to 113 MMT and 115 MMT, respectively, by the USDA in its July WASDE report. This increased crush by 1 million tons for both years.
This is dramatically higher than China’s Ministry of Agriculture CASDE report, which is currently at 95.5 MMT. In recent years, CASDE has started with low projections and subsequently raised them during the marketing year.
However, the USDA’s number seems relatively high gi...