August 28, 2006

China's soy demand increases 3.7 percent on-year

China's domestic soybean consumption is expected to have risen 3.7 percent to 43.7 million tonnes in the 2005-06 crop year, an official at the China National Grain & Oils Information Centre, or CNGOIC, said Monday (Aug 28).

Meantime, soybean production fell to 16.4 million tonnes in the 2005-06 crop year - which runs from October through September - from 17.4 million tonnes in 2004-05, and imports rose to 28 million tonnes from 25.8 million tonnes.

Soymeal consumption likely rose to around 27.7 million tonnes in 2005-06 from 24.3 million tonnes in the last crop year, the official said.

China's soymeal production and imports are expected to reach 27.5 million tonnes and 900,000 tonnes, respectively, during this crop year, the official added.