China expects sufficient international soybean supply in H1Christian Fernsby ▼ |
Asia China's top soybean exporter Brazil is forecast to see an output dip
China expects sufficient soybean supply from a favorable international market in the first half of this year, the Ministry of Agriculture and Rural Affairs (MARA) said.
Brazil is expected to see a production drop of up to 8 million tonnes this year with output reaching 115 million tonnes, he said, noting that China imported 66.12 million tonnes of Brazilian soybeans last year, or 75.1 percent of the total inflow.
Soybean yield in Argentina is predicted to jump by 18 million tonnes year on year to 54 million tonnes, and U.S. official data showed a 28.9-percent surge in soybean inventories to 74 million tonnes as of March 1, Tang said.
Sufficient supply and weak pricing in the international market will support China's steady imports of soybeans, he said.
In the first quarter of this year, China's soybean imports declined by 14.4 percent year on year to 16.75 million tonnes, customs data showed. ■
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