China’s Soybean Imports to Increase 5.5%, USDA Unit Says

China’s soybean imports will rise 5.5 percent in the year starting Oct. 1 as an increase in personal income boosts demand for vegetable oil and meat, a unit of the U.S. Department of Agriculture said.

Imports by China, the world’s leading consumer, will climb to 58 million metric tons from an estimated 55 million a year earlier, the agency’s Foreign Agricultural Service said in a reportposted today on its website. Last month, the USDA projected shipments of 57 million in the 12 months ending Sept. 30. The oilseed is used in livestock feed and cooking oil.

Imports from the U.S., the biggest shipper, may increase 8 percent to 27 million tons, the service said. Imports of all oilseeds were forecast to climb 5.6 percent to 59.9 million tons.

China’s imports of soybean oil may rise 5.3 percent to 2 million. Total imports of cooking oil, including product from soybeans, rapeseed and palm oil, will increase 2.8 percent to 9.26 million, the service said. The USDA’s official forecast was 9.28 million.

(Source: http://www.bloomberg.com/news/2011-03-07/china-s-soybean-imports-to-increase-usda-unit-says-correct-.html)