China's soybean meal import will be lower than the previous forecast (12.26)

According to an Agricultural Commissioner's report released on Friday by the U.S Department of agriculture, the U.S Department of agriculture forecasts that in 2000 / 01 (October to September of the next year), China's soybean meal imports will be 800000 tons, lower than the last forecast of 1 million tons The Agricultural Commissioner also reduced the amount of soybean meal China imported from the United States in 2000 / 01 The forecast said China would import 80000 tons of American soybean meal, lower than the previous forecast of 260000 tons According to the report, China's reduced demand for imported soybean meal is mainly due to the development of China's soybean crushing industry "The restructuring of China's oil crushing industry appears to be under way," the agriculture commissioner said Many large-scale processing companies are adopting the development strategy of active expansion and adopting more modern equipment factories to have international competitiveness " While the demand for foreign soybean meal decreased, China's demand for imported soybean remained strong in 2000 / 01 The Commissioner said China's soybean imports would reach 7.5 million tons, up from the previous forecast of 7.25 million tons The U.S share of China's soybean import market will reach 4 million tons, higher than the previous forecast of 3.5 million tons However, despite the increase in total imports, it is still far lower than the total imports of 10.1 million tons of soybeans in 1999 / 00 According to the latest USDA monthly supply and demand report, China's soybean imports in 2000 / 01 were 7.8 million tons, higher than the 7.5 million tons predicted in November The Commissioner did not change China's soybean and soybean meal production forecast in 2000 / 01, which are still 15 million tons and 12.5 million tons respectively