China increases U.S. soybean imports

? U.S. soybean exports are stronger this month, in part because China raised its imports to record levels, the U.S. Department of Agriculture said Thursday.

Department economists projected Chinese imports at 16.5 million metric tons this month, up 500,000 tons over last month. All soybean exports from the United States are forecast at 27 million tons for April, an increase over last month’s 26.1 million tons.

China likely will increase soybean imports this month because it has been short on soybean oil, said Keith Menzie, a department economist.

Because of heavier trade with China, projected stockpiles of U.S. soybeans fell slightly this month to 3.9 million tons, down from last month’s 4.3 million tons.

Soybeans are expected to sell for as much as $5.60 per bushel.

U.S. exports of corn slipped and stockpiles grew slightly last month as exports from Argentina and other foreign competitors increased.

Economists lowered their projections for U.S. corn exports by 1.7 million tons since last month, to 42.5 million tons, because of increased competition from Brazil and Argentina.

However, they said the drop in U.S. exports mostly will be offset by an increase in domestic use as companies buy more corn to produce sugars, starches and ethanol. Total domestic use probably will be 201.6 million tons, up 1.8 million tons since March, the department said. The price for corn may be as high as $2.35 per bushel.