China Seen Remaining Big Soy Importer

China is seen remaining a major importer of soybeans and soy products for years to come due to a shortage of arable land, which will limit the expansion of domestic production.

Wang Liangzheng, one of China's top scientists and lawmakers told Reuters News Service recently that China's soybean production was unlikely to rise beyond 18-19 million metric tons per year over the next five years.

That compares with last year’s crop of 16.9 million tons. Meanwhile, Wang estimated domestic consumption is currently 27-28 million tons annually.

Wang told Reuters that achieving higher yields was the top priority for China's agricultural research. The focus was on measures such as genetic engineering, improved quality and development of resistance to insects, disease and unfavorable conditions such as drought, he said.

Editors note: Richard Brock, The Corn and Soybean Digest's Marketing Editor, is president of Brock Associates, a farm market advisory firm, and publisher of The Brock Report.