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China cuts 2018-19 soybean import estimates

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China’s agriculture ministry said on Monday it has revised down its estimate for 2018-19 soybean imports to 83.5m tonnes, down 1.5m tonnes from last month’s estimate, due to lower-than-expected shipments in July.

 

The ministry also upgraded its estimate for 2018-19 corn imports to 4m tonnes, an increase of 700,000 tonnes from the previous month.

 

The revised higher estimate for corn imports was mainly due to a significant reduction in US. sorghum imports, it said.

 

China’s cotton consumption estimate for 2018-19 was lowered to 8.25m tonnes, and its imports estimate reduced to 2.05m tonnes, due to an unfavourable export situation of China’s textile and apparel industry.

 

China’s edible vegetable oil imports estimate was 7.11m tonnes, an increase of 560,000 tons from the previous month’s estimate, mainly due to lower-than-expected soybean imports leading to the replacement of soybean oil with rapeseed oil, palm oil and other oils.

 

China’s rapeseed oil imports from Russia, Ukraine, Kazakhstan and other countries have increased significantly, and new rapeseed oil imports from the United Arab Emirates and Belarus have been added, the ministry said.

 

China’s 2018-19 rapeseed oil imports are expected to rise to 1.25m tonnes from 930,000 tonnes expected in July.

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