Japan 2010 soy imports seen up marginally

 

 

The world's second biggest soy buyer, Japan, is forecast to import 3.44 million tonnes of soy in 2010, up 1.5% from 3.39 million a year earlier, as ample global supply is expected to keep prices relatively low.

 

Japan's Ministry of Agriculture also said in a report released on Tuesday (June 29) that the country's soy demand for crushing is forecast to rise to 2.53 million tonnes in 2010, up 1.8% from 2.485 million tonnes in 2009.

 

The ministry estimated that Japan's soymeal imports would fall to 1.9 million tonnes this year from 1.915 million tonnes in 2009. But some traders disagreed with this forecast, saying that soy crushing could decline again this year after an 11% drop in 2009 because of worsening crushing margins, resulting in a further rise in soymeal imports.

 

Soymeal imports exceeded domestic soymeal production for the first time ever last year, traders said.

 

US origin soy accounts for about 70% of Japan's imports, followed by about 15% from Brazil and around 10% from Canada.

 

Meanwhile, the ministry compiles its estimates on supply and demand of soy and rapeseed, the second-biggest oilseed for crushing after soy, after hearing views from the edible oil industry as well as soy product makers.

 

Japan's rapeseed imports are estimated to total 2.1 million tonnes in 2010, slightly up from 2.072 million tonnes in 2009, the report showed. Most of these imports are from Canada and domestic output is negligible.

 

Japan produces 220,000 to 260,000 tonnes of soy a year, which is free from genetic modification.