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China Daily | Updated: 2013-06-18 07:23

2013-14 soybean imports predicted to weaken

Soybean imports by China, the world's biggest buyer, are predicted to be lower than official US forecasts, deepening a glut and weighing down prices as global reserves reach record highs. Inbound shipments will be 63 million metric tons in the 12 months starting Oct 1, less than the US Department of Agriculture's June 13 projection of 69 million tons, according to the median of 14 estimates of China-based crushers and researchers by Bloomberg. Demand for soybean meal for animal feed plunged in China in April and May as farmers culled poultry following an outbreak of the H7N9 bird flu virus that led consumers to shun chicken.

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