China's well-informed people deny rumours of a significant reduction in soybean imports
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Last Update: 2002-04-05
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Source: Internet
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Author: User
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Introduction: osterdowjones, Chicago, April 4 News: local sources in China on Thursday denied rumors in Chicago on Wednesday that China would import 7-8 million tons of soybeans in 2001 / 02, rather than 13 million tons predicted by the U.S Department of agriculture Wednesday's rumor led to a market crash on the Chicago Board of trade, with soybeans down more than 2% in May According to local sources, the precondition for the reduction of soybean import is that China's soybean oil import will reach the total quota of tariff rate, namely 2518000 tons In fact, the vast majority of analysts believe that it is impossible for China to import so much soybean oil In addition, a well-informed person pointed out that the so-called data of 7-8 million tons came from a report issued by the Ministry of agriculture of China at the end of last year, not from the new forecast of the Chinese government as the American market people imagined People familiar with the situation pointed out that China has been expecting to expand its crushing capacity, so it needs to import at least 12 million tons of soybeans every year Therefore, the possibility of a significant reduction in soybean imports is very small.
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