September 5, 2008

 

China's soy imports could drop next year on higher crop, lower demand
 

 

Soy purchases next year by China, the world's top soy importer, could fall as much as six percent amid a bumper crop and slowing demand, according to an industry analyst.

 

John Baize, a US-based farm analyst who specialises in oilseeds, said China's soy output next year was expected to be 17 to 18 million tonnes, above a USDA estimate of 16 million-16.5 million tonnes.

 

The nation is expected to import volumes a little short of 36 million tonnes and actual figures would probably be closer to 34 or 35 million tonnes, Baize told Reuters at a grains industry meeting in Cambodia.

 

Meanwhile, China's top planning body has announced plans to close smaller soy processing facilities and restrict expansion of the larger plants.

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