China soybean imports surge 29% in 2010

China increased imports of soybeans by 29% to 54.8 million metric tons in 2010, Bloomberg reported. The total included 5.43 million tons of the oilseed in December alone, cementing China’s place as the world’s largest consumer of soybeans, accounting for nearly 60% of global trade of the commodity. While China is not self-sufficient in soybeans, imports increased last year in part due to poor domestic harvests. A temporary ban on soy oil imports from Argentina due to a trade dispute also led Beijing to purchase more soybeans for domestic processing. China’s National Grain and Oils Information Center said the capacity of China’s domestic oilseed crushing industry is expected to grow about 18% to more than 100 million tons this year.