November 22, 2010

China's 2010 soy imports may top 50 million tonnes

China's soy imports this year are estimated to exceed 50 million tonnes, up 20% on-year, according to a report released by the Rural Economic Research Centre of the Ministry of Agriculture on Thursday (Nov 18).

During the first nine months of this year, China's soy imports totalled 40.16 million tonnes.

China's domestic soy planting area shrank 3.3% in 2010 from last year, a decline for a second consecutive year, and the gap between homegrown soy demand and supply continues to widen, the report said.

Despite abundant supply, the global soy price is likely to stay high or even grow higher, in view of stronger inflationary pressure and a possibly weaker US dollar, it added.