Record for China soy imports expected
Soy imports in China, the world’s top buyer, will surge 17 percent in the year ending September to a record of over 70 million tonnes.
Reuters report that this forecast by the China National Grain and Oils Information Centre (CNGOIC) is higher than an estimate of 69 million tonnes by the US Department of Agriculture (USDA) for the current year. “The large increase in imports is being driven by sustainably strong domestic demand. Crushing capacity and volumes have been increasing constantly,” the centre said in a report.
However, import growth is likely to slow in 2014/15, with total shipments seen up 4 percent at 73 million tonnes, the centre said. That is in line with USDA forecasts. “Imports next year will slow down as the market has to digest large stocks after excessive imports in the current year. Domestic soy supply will be ample next year,” said an analyst with the centre.
Source: Reuters
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