Demand, poor crops drive soybean imports in China

BEIJING - Soybean imports by China are likely to rise to a new high in the 2013-14 market year following a drop in domestic output and greater demand for animal feed and edible oil. Adverse weather conditions in Heilongjiang, China’s largest soybean producer, severely undercut Heilongjiang's soybean production this year.

Based on rising market demand, soybean imports in 2013-14 are likely to rise by 15% from the previous market year. Soybean imports rose 11.2% to 58.4 million tons in 2012 from a year earlier, while prices were up 5.8% on-year to US$599.30 per ton, according to the General Administration of Customs. With difficulties concerning land, water resources and temperature conditions, it has been difficult for China to meet growing demand.