China, the world's top buyer of soybeans, is likely to import record volumes of the oilseed again this year as crushers take advantage of cheap overseas supplies to meet nearly all the demand for protein-rich meals. Feed mills, the major consumers of soymeal, are using the soy product to replace other protein sources such as rapeseed, cottonseed and distillers dried grains (DDGS), even as hog stocks - which account for more than 40 percent of China's use of livestock feeds - have fallen to their lowest in years.
