President Xi Jinping is pushing for China to accelerate efforts to achieve self-reliance in agriculture technology.
Farm Doc Policy News says China’s president identified seed development and core equipment among the areas he’d like the country to focus on. The central leadership had said in 2020 that the country’s seed industry was a weak link in its food chain and need to make more and better use of science and technology to turn that sector around.
China is also expected to end the year with historically-low soymeal carryover stocks, which should increase its dependence on imported soybeans next year. Unfortunately for U.S. producers, Brazil’s soybeans, which get processed in China to make livestock feed, are currently more attractive than U.S. soybeans for February shipments.
The news is considered positive for Brazilian farmers as some of them could begin harvesting their 2023 soybeans in as little as a week.