BEIJING: China, the world’s top soya buyer, is forecast to import a record 77 million tonnes of the oilseed in 2015/16 (October-September), a rise of 5.5 percent from the previous year, according to a forecast by an official think-tank published on Monday. The forecast by the China National Grain and Oils Information Centre (CNGOIC) is slightly lower than 77.5 million tonnes forecast by the US Department of Agriculture (USDA).
China’s own soya output for the year starting October is estimated to fall 9.5 percent on year to 11 million tonnes, according to CNGOIC. Chinese farmers have cut soya planting areas and shifted to grow corn and rice instead to seek for better returns, said the centre. Soya acreage this year is estimated to fall 10.3 percent on year, it said.
China imports over 60 percent of global-traded soyabean from Brazil, United States and Argentina. Growing demand for meat has driven the country’s imports of the oilseed, which is crushed into soyameal, a feed ingredient and edible oil. China’s canola imports during 2015/16 (June-May) is likely to fall slightly to 4.5 million tonnes, compared with 4.8 million tonnes for the previous year, according to the forecast by the centre. China imports canola from Canada and Australia. China is seen to import 5.6 million tonnes of palm oil, including 4 million tonnes for food use, during 2015/16 (October-September), a rise of 5.7 percent from the previous year, it said.
