February 17, 2011

China estimates 2010-11 soy output at 15.2 million tonnes

The China National Grain and Oil Information Centre (CNGOIC) said Wednesday (Feb 16) that soy production in 2010-11 is expected to reach 15.2 million tonnes, keeping its estimates unchanged for the fifth consecutive month.

The centre's regular monthly forecast for February were in line with market expectations of rising Chinese demand.
 

It also kept its full crop-year estimate for China's soy imports at 54 million tonnes, up from 50.3 million tonnes in the preceding crop year.

The import forecast is lower than the USDA's, which projected that the country would import 57,000 tonnes in 2010-11. The USDA also had a lower estimate for China's soy output at 14.4 million tonnes.

China imported 5.14 million tonnes of soy in January, up 26% from a year earlier and surpassing official forecasts, customs officials said Monday.

Meanwhile, CNGOIC predicted that the country would produce 172.5 tonnes of corn, 115.1 million tonnes of wheat, 199 million tonnes of rice and 12.6 million tonnes of rapeseed in 2010, unchanged from January's forecast.

Soyoil output and imports in 2010-11 are expected to reach 10.4 million tonnes and two million tonnes, respectively, CNGOIC said.