China has ample soybean supplies, big price moves unlikely

BEIJING, Oct 21 (Reuters): China has ample supplies of soybeans and significant price fluctuations are unlikely, a senior agriculture ministry official said on Friday.

Domestic soybean planting acreage has increased and China is set for a bumper harvest, supported by government subsidies and crop rotation policies, Tang Ke of the Ministry of Agriculture and Rural Affairs told a press briefing.

The soybean market has been roiled by the Sino-US trade conflict, with Chinese buyers steering clear of beans from the United States, instead increasing purchases from Brazil and reducing their use of the bean in animal feed.

Over January to August, China's soybean imports from Brazil accounted for nearly 70 per cent of its overall purchases, said Tang, head of the ministry's market and economy information department.