A slowdown in China's economy in 2012 is unlikely to weaken the country's agricultural demand, since the government can secure global supplies to replenish low domestic inventories, Rabobank said in a note Monday.

China will likely import about 4 million metric tons of corn in the 2011-12 crop season which began Oct. 1, and 7 million tons in 2012-13, it said.

Soybean imports will likely rise 12% on year in 2011-12 to 58.5 million tons under a baseline scenario, and by 15% or more to exceed 60 million tons in best-case, Rabobank said.

As inflation eases and crush margins improve, Rabobank forecast a rebound in China palm oil demand in 2011-12, up 5% to a record 6 million tons.

"The need to restock inventories will have a supportive impact on prices and is expected to occur despite the modest forecast downturn in economic growth," the bank said.

-By Chuin-Wei Yap, Dow Jones Newswires; 8610 8400 7704; chuin-wei.yap@dowjones.com.

(END) Dow Jones Newswires

December 05, 2011 02:13 ET (07:13 GMT)