June 17, 2004

China Raises Soybean Inventory Estimate to 3.5 Million Tons
 

China's soybean stocks may rise to 3.5 million metric tons by the end of this month, the China National Grain & Oils Information Center said in a report, revising up a previous forecast.

Last week, the information center, a State Grain Administration affiliate, said soybean stocks at China's ports, in warehouses and in docked vessels may reach a record 3 million tons from 2.5 million tons at the start of this month.

The inventories are rising as domestic crushers run short of cash to pay for their orders because of tighter rules on bank lending, the information center said.