July 12, 2010
USDA predicts China's soy imports to climb in 09/10, 10/11
China is forecast to import 2% more soy in the current marketing year and in 2010/11 than earlier projected, the USDA said in a report on Friday (Jul 9).
The USDA increased its forecast for Chinese soy imports in 2009/10 to 48 million tonnes, up one million tonnes from last month's estimate.
"US soy exports for 2009/10 are projected at a record 1.46 billion bushels, up five million from last month in part reflecting additional sales to China," USDA said in its report.
For 2010/11, USDA boosted its estimate for China soy demand to 50 million tonnes from its previous 49 million tonnes.
Analysts had been watching for changes in forecasts for China's corn production and demand because recent dry weather has hurt the domestic Chinese crop, spurring imports.
But the USDA did not adjust its estimates of Chinese corn production nor exports in its report on Friday.
