July 11, 2008

 

China expects 3.5 million-tonne increase in soy production for 2008-09

 
 

China's soy production could rise 3.5 million tonnes in the next year while imports remain at this year's levels, according to the monthly bulletin of supply and demand on oil fat and oil seed market released by the State Grain and Oil Trade Center.

 

China's new supply of soy in the 2007/08 crop year is predicted to reach 48 million tonnes, , the centre said.

 

Of the 48 million tonnes, 13 million tonnes are expected from local output and 35 million tonnes from import.

 

The soy consumption for oil pressing is predicted to go up to 37.5 million tonnes in the year, 2.8 million tonnes more than last crop year.

 

Meanwhile, total domestic soy consumption is predicted to hit 46.92 million tonnes, an increase of 3.1 million tonnes over last crop year.

 

For the 2008/09 crop year, a total of 52.5 million tonnes of new soy is expected, of which, 16.5 million tonnes will come from local output and 35 million tonnes from import.

 

This means a 3.5 million-tonne increase over 2007-08 and it also implies reduced reliance on imports.

 

The figures meant two-thirds of China's soy supply would come from imports in 2008-09, as opposed to nearly 73 percent in 2007-08.

 

Soy consumption for oil pressing will hit 40.5 million tonnes in the year, 3 million tonnes more than this year.

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