August 8, 2014
China's import of soy may surpass USDA's forecast next year as price fell and buying of alternative feed material decreased, reported Business Week.
The country's soy mports may top 78 million tonnes in the year starting October 1, exceeding USDA's estimate of 73 million tonnes, Business Week quoted Shao Guorui, chairman of Shandong Sunrise Grain and Oil Trading Ltd., as saying.
Sunrise, the biggest local buyer of the crop, will import 13 million tonnes in 2014, compared with about 11 million tonnes last year.
Rising demand from China, the largest soy consumer, is expected to help stem the price decline Chicago, which touched a three-year low amid forecasts for a record global output.
In June, the Chinese government suspended issuing permits to import DDGS from the US, citing concerns over genetically modified MIR 162 strain.