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China’s 2017-2018 soybean output predicted to grow 12.8%

Updated: Apr 21,2018 5:19 PM     Xinhua

BEIJING — China’s soybean output from October 2017 to September 2018 is expected to grow 12.8 percent year-on-year, according to a report by the Ministry of Agriculture and Rural Affairs.

Soybean output is predicted to reach 14.6 million tonnes during the statistical period, up 1.66 million tonnes from a year earlier, according to the Chinese Agricultural Supply and Demand Estimates released in April by an advisory body under the ministry.

The monthly analysis report said the supply of imported soybeans will remain normal in the near term, noting that a seasonal increase of imports from South America will offset impact from Sino-US trade frictions.

Earlier this month, the US administration proposed a list of Chinese goods worth $50 billion subject to additional 25 percent tariffs amid strong opposition from China and US business groups.

China struck back with a tariff plan of equal scale on a list of US products including soybeans, automobiles, aircraft, and chemical products.

China’s soybean imports hit 95.53 million tonnes in 2017, the highest worldwide.