The world’s top soybean buyer significantly raised output of soybeans to 20 million tonnes last year, leaving a surplus of about five million tonnes after consumption. — Reuters
BEIJING: China will stabilise and diversify its soybean imports, according to an official with the state’s grain reserve bureau as the country continues to promote higher domestic production of the crop.
The world’s top soybean buyer significantly raised output of soybeans to 20 million tonnes last year, leaving a surplus of about five million tonnes after consumption, Lu Jingbo, deputy director at the national food and strategic reserves administration, told a press conference.
Imported soybeans are crushed to produce cooking oil and soymeal for animal feed, while more expensive, homegrown soybeans are mainly used to make food for human consumption.
China has increased purchasing of domestic soybeans to support growers as part of its policy to raise output of oilseeds.
It had bought 4.18 million tonnes of new soybeans by the end of March, up 1.71 million tonnes from a year earlier, Lu added. — Reuters
