June 20, 2008

Growth in China's soy import to slow due to increased oilseed output

China's soy imports may slow by nearly two-thirds in 2008-2009 crop year due to an increase in local oilseeds output, said a government think tank Thursday (June 19, 2008).

China's soy imports may rise 6 percent on-year to 36 million tonnes in the crop year starting from Oct. 1, said an analyst with the think tank at a conference.

A year ago, China's soy imports rose 21 percent to 34 million tonnes from 28 million tonnes in 2006-2007.

China's soy output may increase 22 percent in 2008-2009 crop year to 16.5 million tonnes while rapeseed output may rise by 11 percent to 11.5 million tonnes, according to an earlier data from the China National Grain and Oils Information Center.

Meanwhile, the analyst said high crude oil prices would help to push vegetable oil prices up in the longer run.