October 22, 2010

 

China revises up 2010-11 soy output forecast  

China's soy production in the 2010-11 crop year which began October 1 is expected to reach 15.2 million tonnes, an upward revision from an earlier estimate of 14.8 million tonnes, said the China National Grain and Oils Information Centre (CNGOIC).

 

Meanwhile, China is likely to import 54 million tonnes of soy in 2010-11, up from 52 million tonnes it estimated a month ago, CNGOIC added.

 

The revision, which is lower than 55 million tonnes estimated by the USDA, is due to China's rising demand for vegetable oils and protein meal.

 

Imports of soy in the calendar year 2010 are likely to rise about 30% on-year to 53.5 million tonnes, said the centre.

 

On the other hand, China's soyoil output is expected to reach 10.4 million tonnes, an upward revision from 9.9 million tonnes.