BEIJING: China’s agriculture ministry raised its forecast for soybean imports in the 2023/24 crop year to 98.37 million metric tons in its August outlook released on Monday.

The ministry said it adjusted its import estimates higher by 2.27 million tons compared to the previous outlook, as falling global soybean prices significantly lowered import costs.

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Soybean crushing consumption is estimated at 96.15 million tons, which is 350,000 tons higher than last month’s estimates, due to steadily improving hog margins, it said.