HAMBURG, May 29 (Reuters) - China is likely to raise soybean imports in the 2011/2012 season despite recent shipment cancellations as the country has harvested a smaller soy crop and faces continued high demand, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
China is likely to import 56.8 million tonnes of soybeans in Oct. 2011/Sept. 2012 against 52.3 million tonnes in 2010/11, Oil World said.
"With the recent purchases and vessel lineups this quantity may actually turn out on the low side," it said. "Additional sizeable increases in imports will be required next season in view of the prospective further decline in Chinese oilseed production under the lead of soybeans and rising domestic requirements."
China's own 2011/12 soybean crop fell to 13.6 million tonnes from 15.08 million tonnes in the previous year, it said.
Global markets were surprised on May 24 when a Chinese trading house cancelled four soybean shipments, generating concern about possible falling demand from China, the world's largest soybean buyer. [ID:nL4E8GP0HB]
Oil World stressed such shipments were bought at previously high soybean prices which have since fallen back. [ID:nL4E8GN0M2]
"Of course China needs these quantities but is going to buy them at lower prices," it said.
