China cutting soybean oil purchases from the Black Sea region
According to forecasts for MY 2016/17, China – the world’s top soybean oil consumer – will increase domestic use of this product. Apart from growth of own production, imports are also expected to rise, reports UkrAgroConsult.
At present the Black Sea region does not play any key role in providing this country with soybeans. The first months of the current marketing year 2016/17 shows that China’s interest in Black Sea soybean oil has declined in favor of major South American and US suppliers.
Svetlana Kupreeva, oilseeds market analyst of UkrAgroConsult, expects that growth of soybean production and crushing in the Black Sea countries will be able to restore China’s interest in these markets in the future.