July 12, 2018 / 4:19 AM / a year ago

RPT-China lowers forecast for 2018/19 soybean imports amid trade war

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BEIJING, July 12 (Reuters) - China will likely import 93.85 million tonnes of soybeans in the 2018/19 crop year, its agriculture ministry said on Thursday, lowering its forecast from 95.65 million tonnes as trade tensions with the United States push up costs.

China is expected to consume 109.23 million tonnes of soybeans in the 2018/19 crop year, down from the previous month’s forecast of 111.19 million tonnes, the Ministry of Agriculture and Rural Affairs said in its monthly Chinese Agricultural Supply and Demand Estimates (CASDE).

China’s 2018/19 soybean crushing volume was seen lower on higher consumption of other proteins, the ministry said in a statement released with the CASDE.

China’s 2017/18 cotton imports were seen up 200,000 tonnes from the previous month’s forecast. (Reporting by Hallie Gu and Dominique Patton Editing by Joseph Radford)

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