China expects sufficient intl soybean supply in H1

BEIJING - China expects sufficient soybean supply from a favorable international market in the first half of this year, the Ministry of Agriculture and Rural Affairs said Wednesday.

While China's top soybean exporter Brazil is forecast to see an output dip, ample supply is predicted from the United States and Argentina, the other two largest suppliers, MARA official Tang Ke told a news conference.

Brazil is expected to see a production drop of up to 8 million tons this year with output reaching 115 million tons, he said, noting that China imported 66.12 million tons of Brazilian soybeans last year, or 75.1 percent of the total inflow.

Soybean yield in Argentina is predicted to jump by 18 million tons year-on-year to 54 million tons, and US official data showed a 28.9-percent surge in soybean inventories to 74 million tons as of March 1, Tang said.

Sufficient supply and weak pricing in the international market will support China's steady imports of soybeans, he said.

In the first quarter of this year, China's soybean imports declined by 14.4 percent year-on-year to 16.75 million tons, customs data showed.