March 30, 2011

China's 2011 soy imports are expected to grow 5.5 million tonnes on-year to 55.8 million tonnes as its economic growth fuels demand, Hamburg-based oilseeds analyst Oil World said Tuesday (Mar 29).

 

This means China will account for 58% of forecast 2010-11 world soy imports, up from 57% in 2009-10 and only 41% in 2006-07, it added.

 

The EU, the world's second-largest soy importer, is likely to increase its 2010-11 soy imports by one million tonnes on-year to 14.3 million tonnes following a poor rapeseed crop last year.

 

Increases in 2010-11 soy imports are also expected in Russia, North Africa, South Korea and Thailand, Oil World said.

 

"The global dependence on soy and products is going to increase significantly in the 2010-11 season owing to increasing overall demand and insufficient supplies of other oilseeds and products," the analysis firm said.

 

US soy exports will be kept at a higher-than-expected volume in March because of rains that are delaying Brazil's crop.

 

US 2010-11 soy exports are likely to rise to 42.70 million tonnes from 40.88 million tonnes last season, it forecast.