China’s reaffirmation of a long-term goal to be almost entirely self-sufficient in pork production means it will keep scooping up global grain supplies to feed the world’s largest pig herd.
The country, which consumes half of the world’s pork, will maintain a target to produce 95% of the protein at home through 2025. It wants to be self sufficient in poultry and egg, 85% for beef and mutton, and 70% for dairy, the agriculture ministry said, adding that they form part of China’s food security goals.
The targets will likely bolster overseas purchases of soybeans and feed grains needed to fatten hogs, cattle and poultry. China is already the top importer of soybeans and corn, and has purchased unprecedented amounts in the past two years to feed a hog herd recovering from African swine fever. The buying binge sparked a global price rally as investors were also worried about supply.
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