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UPDATE 1-COFCO sees China's soybean imports hitting 100 mln T in 2017/18
November 15, 2017 / 10:28 AM / 4 days ago

UPDATE 1-COFCO sees China's soybean imports hitting 100 mln T in 2017/18

 (Adds details)
    GUANGDONG, China, Nov 15 (Reuters) - China will import 100
million tonnes of soybeans in 2017/18, a senior executive at
COFCO Corp            forecast on Wednesday, topping official
U.S. and Chinese estimates for intake by the world's top
importer of the oilseed.
    Yanchuan Li, deputy general manager of the oilseeds
processing division for COFCO, said he expects soymeal demand in
2018 in China to remain at a "high rate of growth".
    His estimate for imports is above both the 95.97 million
tonnes estimated by China's Agriculture Ministry and the 97
million tonnes forecast by the U.S. Department of Agriculture.
    China has imported record-setting tonnages for years largely
to feed the world's biggest herd of pigs.
    Li said he expects the soybean market to be balanced in
terms of supply and demand between November and January,
although, the low availability of certificates to import
genetically modified beans will "support" crush margins, he
said.

 (Reporting by Josephine Mason and Hallie Gu; Editing by Tom
Hogue and Sherry Jacob-Phillips)
  

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