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Soybean Imports Could Hit Record Level

24 March 2010

CHINA - Soybean imports to China could reach a record level, it has been predicted.

Increased demand for livestock feed and growing crusher capacity in the country will help absorb global supplies, one grain processor told Bloomberg.

Some 45 million metric tonnes of soybean will be shipped to China in the year to September 30th, said Guo Feng, deputy general manager of Chinatex Grains & Oils.

This represents an increase of 5.9 per cent on the 42.5 million tonnes predicted to be imported by the US Department of Agriculture.

Mr Guo said more Chinese residents are buying pork and dairy products, driving the need for soybean for the livestock industry, and many new crushing plants are set to come online this year, lifting capacity by more than 40,000 tonnes a day.

Bumper soybean crops are expected in South America this season, as fears of damage from heavy rains do not look to be realised.

According to the Wall Street Journal, Brazil, Argentine and Paraguay are on track to harvest their largest amounts of soybean ever.

TheCropSite News Desk

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