February 17, 2014
China's soy production to decline 8% in 2013-14 season
The official China National Grains and Oil Information Centre (CNGOIC) think tank said that in 2013-14, China's soy production will drop 8% to 12 million tonnes, Reuters reported.
CNGOIC said the forecast is 200,000 tonnes lower than an earlier forecast.
In recent years, domestic soy production has declined steadily as pressure from cheaper imports encouraged farmers to switch to more profitable crops, particularly corn.
China imported 63 million tonnes of soy in 2013, up 8.6% versus the previous year.
Heilongjiang, one of China's major cereal-growing regions, will see a decline of 16.5% in its soy output to 3.86 million tonnes, the think tank said.
