November 12, 2003
China To Import Record 22 Million Ton US Soybeans
China will import a record 22 million tons of soybeans this year, boosting U.S. exports that have been moving at a break-neck pace the past two months, as reported by the U.S. Department of Agriculture forecast on November 12.
China's soybean production forecast remained steady at 16.2 million tons, the USDA said. But imports are up 1.5 million tons from October's USDA estimate.
As a result, total U.S. soybean exports will hit 24.22 million tons, up from 23.68 million that the government forecast last month.
Argentina's soybean crop is now forecast at a record 38 million tons, up 1 million tons from October's estimate, the USDA said. Higher soybean prices and delayed corn and sunflower seed plantings were also expected to cause some farmers to shift to soybeans.
The USDA also noted that India would produce a record 6.2-million-ton soybean crop this year for 2003/04.