November 15, 2017 / 10:10 AM / in a year

COFCO sees China's soybean imports hitting 100 mln T in 17/18

GUANGDONG, China, Nov 15 (Reuters) - China will import 100 million tonnes of soybeans in 2017/18, a senior executive at COFCO Corp forecast on Wednesday, topping official U.S. and Chinese estimates for intake by the world’s top importer of the oilseed.

Yanchuan Li, deputy general manager of the oilseeds processing division for COFCO, said he expects soymeal demand in 2018 in China to remain at a “high rate of growth”.

His estimate for imports is above both the 95.97 million tonnes estimated by China’s Agriculture Ministry and the 97 million tonnes forecast by the U.S. Department of Agriculture.

Reporting by Josephine Mason and Hallie Gu; Editing by Tom Hogue

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