BERLIN (Commodity Online): Global soybean prices may gain as the imports by Asian nations especially China is expected to increase by 14% during January to March 2012 against same period last year, according to Oil World.
The total imports by Asian nations is expected to be around 12.5 million tons.
The soybean futures had gained 6% on the back improved demand from China and also dry weather conditions in the major growing areas of Argentina and Brazil due to La nina paterns.
The shortage of production and increased demand in China has been the major reason for the increase in imports.
Meanwhile USDA had cut in its 2012 global soybean production estimate to a 3-yr low of 251.47 million tons.
The global oilseed production for 2011-12 is estimated at 261.5 million tons which is lower than expected on account of production cut in the major growing areas.
Meanwhile, India is expected to start soybean imports from 2015 due to mdomestic demand fuelled by growing population.
According to the United States Department of Agriculture (USDA), India's soy bean production for 2011-12 is estimated to be around 9.8 million tons.
India is the world’s fifth-biggest soybean producer after the United States, Brazil, Argentina and China, and it contributes about 5 percent to global output.
Soybean for March delivery, in Inter-Continental Exchange (ICE) rose 3 4/8 to 1271cents per lb. While, in National Commodity and Derivative Exchange (NCDEX) traded down 1.14% to Rs 2600.5 on 21st February.
