Fearing deflated China demand, US soybean growers pivot to new buyers and biofuel

With Chinese imports low according to a trade association, farmers are compensating by finding new markets and selling to biofuel makers

But just slightly more than 12 million tonnes of last year’s crop are “on track” to reach China, which usually imports twice that amount per year to rank as the US crop’s top overseas buyer, said Scott Gerlt, chief economist with the American Soybean Association.

One outlet, he said, was increased sales to other foreign buyers and the other was growth in demand from biofuels.

The association represents more than 500,000 soybean farmers, who are concentrated in the US Midwest and cover a combined 83.6 million acres (33.8 million hectares).

In the end, Gerlt said, growers have indicated little change in soybean production.