January 14, 2008

China soy output in 2008 insufficient to satisfy demand

The gap between China's demand against the supply of soy will increase from June 2007 to May 2008, according to the Ministry of Agriculture.

According to China National Grain and Oils Information Centre (CNGOIC), China's soy output is estimated at 14 million tonnes, down by 1.97 million tonnes from 15.97 million tonnes last year, decreasing by 12.32 percent.

Soy consumption of oil producers is seen at 36.8 million tonnes, surging by 2.1 million tonnes from 2006-2007 period. Around 4 million tonnes will come from domestic production while 32.8 million tonnes will come from imports.