China 2009-10 soy imports may fall 7.5 percent on-year

 

 

China's soy imports in the 2009-10 crop year ending in September are likely to fall 7.5 percent to 37 million tonnes, a government think tank said Tuesday (June 16).

 

The 3 million-tonne decline in imports is expected in part because of increased government stockpiling of domestic soy in the current crop year, which shifted demand to the global market, the China National Grain and Oils Information Centre said in a report.

 

A rapid rise in global soy prices in recent months could also damp demand for imports by cutting profits and increasing risk, the centre said.

 

The government is on track to buy 7.25 million tonnes of domestic soy from the market by the end of this month.

 

The CNGOIC expects soy imports in June to rise 22 percent from the same month last year to 4.36 million tonnes.

 

Following is a chart showing the centre's forecasts for imports and domestic output of major oilseed products in the 2009-10 crop year. (Numbers are in 10,000 tonnes.)