October 12, 2009
Sales to China behind increased US soy exports
The US will export even more soy for the 2009-10 marketing year than previously expected thanks mainly to rising foreign demand, primarily in China, the US Department of Agriculture said Friday (October 9).
The USDA, in its October World Agricultural Supply and Demand Estimates report released Friday, raised its US soy export forecast to 1.305 billion bushels, up from last month's prediction of 1.28 billion bushels.
"Soy exports are raised 25 million bushels to 1.305 billion due to increased supplies, lower prices and increased global import demand, mainly for China," the USDA said.
World soy imports, the USDA said, are now expected to reach 76.14 million tonnes in 2009-10, up from the September forecast of 75.04 million tonnes. China is one of those countries importing more than expected.
China is now forecast to import 39.5 million tonnes of soy in 2009-10, up from the 38.5 million tonnes predicted a month ago, the USDA said.
