China’s pork industry crisis causes drop in soybean imports

China’s pork consumption is projected to decrease by 3% in 2024 due to an economic slowdown and the impact of African swine fever. This has led to a significant liquidation of pigs, the largest in 15 years, and a reduction in sow inventory, which is expected to drop to its lowest level since 2021. As a result, pork stocks will be the tightest since 2019. This decline in pork consumption will also reduce the demand for soybean meal, a key component in livestock feed. The situation is further exacerbated by low pork prices in 2023, leading to significant losses for pork producers.

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