Grain demand from China in global markets has created upward momentum in corn and soybeans prices since late summer. Earlier this month, corn prices hit 6-1/2 year highs amid increasing Chinese demand and export disruptions in South America. 

Basse, who spoke at the Paris Grain Day conference earlier this week, said China's soybean imports could rise to 110 million tons in the 2021/22 crop year, exceeding the 103-105 million tons in the 2020/21 crop cycle.

Reuters shows China has already imported a record amount of soybeans in 2020, breaching the 100 million ton mark.