August 9, 2010

China lifts 2010-11 soymeal output estimates

China's soymeal supply in crop year of 2010-11 will reach 40.58 million tonnes, an increase of 2.26 million tonnes over the last crop year, according to the China National Grain and Oils Information Centre (CNGOIC).

The predicted supply includes 40.53 million tonnes of domestic soymeal and 50,000 tonnes of imports.

The think-tank estimated in its August protein meal market forecast report that the total domestic consumption is estimated at 38.7 million tonnes, up 3.2 million tonnes on-year. The soymeal consumption for feedstock use is estimated to reach 37.5 million tonnes, up three million tonnes over the previous year, and the exports are expected to approach 1.2 million tonnes.

The CNGOIC updates its estimates once a month.