China on Thursday increased its forecast for soyabean imports in the 2017/18 crop year to 95.97 million tonnes from a previous forecast of 94.5 million tonnes, boosted by strong crushing demand. China will crush 94.38 million tonnes of soyabeans in the new crop year, up from 93.08 million tonnes predicted last month, the Agriculture Ministry said in its monthly Chinese Agricultural Supply and Demand Estimates (CASDE).
The latest soyabean import forecast represents a 2.6 percent rise on 2016/17, with the pace of imports slowing as domestic soyabeans output increases and supplies of other protein materials like DDGs rise, according to the report. China's soyabean stocks at the end of the 2017/18 crop year were seen at 80,000 tonnes, up from a previous forecast of 10,000 tonnes, the ministry said. China's consumption of edible oils was seen at 31.9 million tonnes, up 40,000 tonnes from last month's forecast, as a larger than expected population migrated to cities from rural areas, the report said.
Edible oil imports in 2017/18 will rise to 6.28 million tonnes from 6.24 million tonnes predicted last month. China will import 650,000 tonnes of soya oil, up from last month's prediction at 580,000 tonnes, according to the report. China also slightly lowered its forecast for soyabean and cotton output in the new crop year, as continuous rains in some production areas reduced yields. Weather has also affected quality of peanut in some areas, the ministry said.