An executive of a big Chinese processor of soybeans has said China will soon almost entirely substitute soybeans grown in Brazil and elsewhere for soybeans grown in the United States, Reuters reports.
The news agency says the executive, Jiusan Oils and Grains Industries Group Co. Ltd Deputy Chairman Guo Yanchao, was speaking at a conference.
Mr Guo forecast that Chinese imports of soybeans will drop to 84.67 million tonnes this year, 10.79 million tonnes less than last year, and that Brazil will be the source of 71.06 million tonnes of those imports.
The executive expects stocks of imported soybeans at Chinese ports to have shrunk so much by November that, in consequence, soy meal prices will be high enough to curb demand in the first quarter of next year, Reuters says.
