China’s soybean imports forecast to top 12 MMT in first quarter of 2010; up 18.2%

02/05/2010

BEIJING -- China's soybean imports will likely top 12 million metric tons in the first quarter of 2010, up 18.23 per cent year on year, according to a report released by the China National Grain and Oils Information Center early this week.

The country’s domestic soybean supply is expected to be ample given that amount of imports, the report says. The country imported 10.19 million tons of soybeans in the fourth quarter of 2009.

The state-supported think-tank estimated in the report that the soybean imports would reach about 4.2 million tons in January and keep that figure in February. The imports in March are predicted to top 3.8 million tons if shipments from South America are on schedule.

China's soybean imports amounted to 42.55 million tonn in 2009, up 13.7 per cent year on year, while the output is estimated to drop 6.7 per cent to 14.5 million tons.

China is the largest soybean importer in the world. It meets 70 per cent of its soybean demand by importing from other countries including the United States, Brazil and Argentina.


Source: Asia Pulse, February 2, 2010