September 14, 2009

China will raise its new soyoil supply to 10.06 million tonnes in the crop year of 2008-09, an on-year increase of 360,000 tonnes, according to the latest forecast from the China National Grain and Oils Information Centre (CNGOIC).

Of the 10.06 million tonnes of soyoil supply, 7.66 million tonnes are expected from the domestic supply and 2.4 million tonnes from imports.

The centre estimated that the domestic soyoil consumption would reach 8.88 million tonnes in 2008-09, including 8.2 million tonnes for food use and 680,000 tonnes for industrial use and other purposes.

It also forecasted that China's new soyoil supply will amount to 10.2 million tonnes in 2009-10, a rise of 140,000 tonnes over the previous year, with 7.9 million tonnes being produced domestically and 2.3 million tonnes coming from imports.

Meanwhile, the domestic soyoil consumption in 2009-10 is estimated to reach 9.78 million tonnes, with 9.1 million tonnes being allocated for food use and 680,000 tonnes for industrial use and other purposes.