China may import more soybeans than projected by the U.S. government next year as price declines and curbs on an alternative feed material spur purchases, according to the biggest local buyer.
Inbound shipments may climb to as much as 78 million metric tons in the year starting Oct. 1, exceeding 73 million tons estimated last month by the U.S. Department of Agriculture, Shao Guorui, chairman of Shandong Sunrise Grain and Oil Trading Ltd., said in an Aug. 1 interview. Imports were 69 million tons the previous year, USDA data show.
Stronger demand from the largest consumer may help stem a plunge in prices in Chicago, which touched a three-year low amid forecasts for a record global output. World inventory of the main protein ingredient may be smaller than an all-time high of 85 million tons projected by the USDA, Shao said.