China's soybean imports are expected to reach record highs in the
coming year, according to forecasts released on Wednesday by the China
National Grain and Oils Information Center. China- already the world's
largest soybean importing country is expected to import 66 million
metric tons during the 2013-14-market year (September 2013 to August
2014).
In 2012, China's soybean imports soared by 11.2% from the
previous year to 58.4 million tons. The US Department of Agriculture
recently predicted China's imports of the beans will jump to 69 million
tons during the period, while putting import volumes for the current
market year at 59 million tons. The size of Chinese imports is viewed as
a key influence on soybean price potential, especially towards the end
of the year when the US, which normally has a seasonal dominance in
world exports, will face enhanced South American competition.
According
to the center's figures, the country's soybean production this year is
likely to drop by 3.9% from a year ago to 12.3 million tons, which would
mark the third year running of reduced output. The amount of area
dedicated to growing the beans is also expected to decline, by 3.7%, the
center said, after the area shrank by 14.4% the previous year.
Source by Commodity Insights
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