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China's soybean needs to rise

05/16/2012 @ 6:40am

China is likely to import 58 million metric tons of soybeans in the current marketing year that began Oct. 1, up 11% from last marketing year's 52.34 million tons, the state-backed China National Grain and Oils Information Center said Wednesday.

The estimate was revised up by 3 million tons from April's forecast of 55 million tons.

Soybean imports for 2012-13 are likely to total 60 million tons, it said in a report.

The U.S. Department of Agriculture last week put China's 2011-12 soybean imports at 56 million tons and imports for 2012-13 at 61 million tons.

Imports forecast for major agricultural commodities in 2011-12 and 2012-13 marketing year (unit in tons)

2011-12 (Oct-Sep)       2012-13 
  Soybeans      58,000,000              60,000,000 
  Soyoil        1,300,000               1,320,000 
                2011-12 (June-May)      2012-13 
  Rapeseed      2,100,000               2,500,000 
  Rapeseed Oil  600,000                 700,000 
  Rapeseed Meal 850,000                 300,000

-Zhoudong Shangguan contributed to this article; Dow Jones Newswires; (8610) 8400 7715; zhoudong.shangguan@dowjones.com

(END) Dow Jones Newswires

May 15, 2012 23:20 ET (03:20 GMT)

DJ China 2011-12 Soybean Imports Likely 58 Mln Tons -CNGOIC->copyright

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