Breaking News-RTRS-China soybean reserves may be overstated - GiC

MELBOURNE, July 28 (Reuters) - China's soybean reserves may be less than many market estimates because stocks are poorly reported or are spoiling inside rundown storage facilities, a leading U.S. agribusiness consultant said on Tuesday.
Rick Gilmore, president of Virginia-based GiC Group, said he had anecdotal evidence indicating that Chinese reserves, which have a big influence on world soybean prices, could be significantly over-estimated.
Gilmore declined to be specific, citing sensitivities as his firm operates in China, which he described as a wild card in the international soybean marketplace: a keen buyer if the price was right but its import needs were difficult to pin down.