PIXABAY
Strong Chinese crop demand will carry through the “medium term,” reinforcing expectations for another record year of earnings and bolstering prospects past 2021, according to Ray Young, ADM’s chief financial officer, during Bank of America’s Global Agriculture & Materials Conference on Wednesday.
Bloomberg reports China has been scooping up huge amounts of U.S. crops to feed a hog herd that’s recovering from African Swine Fever.
With the virus held in check, China will import 100 MMT or more of soybeans this year, Young said. That figure is on par with the official U.S. Department of Agriculture forecast. China’s corn imports could reach 25 million tons, Young said.
