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China, the world's top soya buyer, is likely to import a record 76 million tonnes of the oilseed in the year ending September, up 8 percent from the previous year, according to the latest estimate from an official think tank.
The forecast by the China National Grain and Oils Information Center (CNGOIC) is 2 million tonnes higher than a projection from the US Department of Agriculture (USDA) for the current marketing year.
The CNGOIC attributed the growth to rising demand for soyameal, the protein-rich ingredient for animal feed production, while an expansion of domestic crushing capacity had also increased the need for more imports.
Greater use of imported soyabeans by the food sector was also a factor, it said.
In July soya imports hit a monthly record of 9.5 million tonnes, a rise of 17.4 percent from June, driven by cheap supplies from South America, according to customs data.
The CNGOIC expected imports in August to September totalling 13 million tonnes, up from 11.06 million in the same two months last year.
Import growth in 2015/16 is likely to slow a little, it said, and the total could hit 77 million tonnes, slightly lower than USDA's estimate of 77.5 million.
Beijing is cracking down on the illegal use of imported soyabeans by the food industry, which used between 2 million and 3 million tonnes of imported soyabeans last year, the CNGOIC said in a report last week.
It expected China's own soya production next year to fall to 11 million tonnes from 12.15 million this year.

Copyright Reuters, 2015

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