BEIJING, March 30 (Reuters) - China, the world's top soy importer, is expected to import about 57 million tonnes of the oilseed in the year to Sept. 30, up 8.9 percent from the previous year, according to the latest estimate from an official think-tank.
Chinese crushers have increased imports to meet robust demand from the livestock breeding sector as the industry has also expanded crushing capacity this year.
The estimate from the China National Grain and Oils Information Center (CNGOIC) is higher than a projection for 55 million tonnes by the U.S. Department of Agriculture (USDA).
"China's imports in the coming months will increase significantly," and crushers will step up purchases of cargoes for July-October delivery following the weakening of Chicago Board of Trade soy prices <0#SOY:>, it said.
So far, crushers have booked only 20 to 30 percent of their normal needs for the period, the center said in a report. See www.grain.gov.cn
U.S. soy prices slipped for the third day in a row, notching their biggest weekly slide in two months, as investors also chose to exit some of their record long holdings in the oilseed in broad-based, risk-off dealings before Friday's U.S. government crop report. [GRA/]
The center expected soy arrivals in May to peak at 5.8 million tonnes, the highest monthly import since June 2010, while imports for March-April would exceed 4 million tonnes.
"We also think the USDA forecast is low. China has expanded its crushing capacity quite a lot this year and the government has increased imports for its state reserves," said a trading manager at a state-owned trading house.
State-owned COFCO Co Ltd maintained its earlier forecast of as much as 58 million tonnes for 2011/12 at a conference this week, in line with an earlier estimate by a company executive.[ID:nL3E7ME09F]
Some Chinese buyers have shifted to importing from the United States for May-July shipments, the peak sales season for the South American crop due to port congestion in Brazil, the world's top soy exporter, traders said.
Chinese crushers have increased imports to meet robust demand from the livestock breeding sector as the industry has also expanded crushing capacity this year.
The estimate from the China National Grain and Oils Information Center (CNGOIC) is higher than a projection for 55 million tonnes by the U.S. Department of Agriculture (USDA).
"China's imports in the coming months will increase significantly," and crushers will step up purchases of cargoes for July-October delivery following the weakening of Chicago Board of Trade soy prices <0#SOY:>, it said.
So far, crushers have booked only 20 to 30 percent of their normal needs for the period, the center said in a report. See www.grain.gov.cn
U.S. soy prices slipped for the third day in a row, notching their biggest weekly slide in two months, as investors also chose to exit some of their record long holdings in the oilseed in broad-based, risk-off dealings before Friday's U.S. government crop report. [GRA/]
The center expected soy arrivals in May to peak at 5.8 million tonnes, the highest monthly import since June 2010, while imports for March-April would exceed 4 million tonnes.
"We also think the USDA forecast is low. China has expanded its crushing capacity quite a lot this year and the government has increased imports for its state reserves," said a trading manager at a state-owned trading house.
State-owned COFCO Co Ltd maintained its earlier forecast of as much as 58 million tonnes for 2011/12 at a conference this week, in line with an earlier estimate by a company executive.[ID:nL3E7ME09F]
Some Chinese buyers have shifted to importing from the United States for May-July shipments, the peak sales season for the South American crop due to port congestion in Brazil, the world's top soy exporter, traders said.
