January 14, 2011

China's 2010-11 soy imports to reach 54 million tonnes

The China National Grain and Oil Information Centre (CNGOIC) said Thursday (Jan 13) soy imports were likely to reach 54 million tonnes in the 2010-11 crop year, up from 50.4 million tonnes in the preceding year.

The centre's latest forecasts did not change from their estimate last month, and were in line with market expectations of rising Chinese demand.

CNGOIC also kept its full-year estimate for China's soy production in the current crop year at 15.2 million tonnes.

Soyoil output is expected to reach 10.4 million tonnes, while imports are forecast at two million tonnes, it said.