China is predicted to increase soybean imports by 8 million – 10 million tons in the 2013-14 seasons to supplement its low domestic supply. This year’s Chinese soybean crop will likely be the lowest in more than 20 years. Current stocks are down by 3-3.5 million tons from a year ago. In July Chinese soybean imports reached a record 7.2 million tons – 23% higher than a year earlier and on August 6th and 7th China purchased a total of 330,000 metric tons of soybeans to add to the record 1.7 million tons at the beginning of the month.
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