July 2, 2007

China 2007/08 soybean imports may reach 34.5 million tonnes
 

China's soybean imports are estimated to reach 34.5 million tonnes in 2007/08, compared with 30 million tonnes in 2006/07, on rising soymeal and soyoil demand, an official from the United States Department of Agriculture said Monday (Jul 2).

China's soybean output, however, may fall by 600,000 tonnes to 15.6 million tonnes in 2007/08, said Gerald Bange, the USDA's World Agricultural Outlook Board chairman.

Soymeal consumption in China will increase 9 percent in 2007/08, Bange said at an industry conference, without giving the comparative figures.

Global soybean output will fall 4.3 percent on-year in 2007/08 due to the competition with corn for land, he added.