Soybean imports expected to reach record high level

China's soybean imports are expected to reach record highs in the coming year, according to forecasts released on Wednesday by the China National Grain and Oils Information Center.

Already the world's largest soybean importing country, imports are expected to hit 66 million metric tons during the 2013-14 market year (September 2013 to August 2014).

In 2012, China's soybean imports jumped by 11.2 percent from the previous year to 58.4 million tons. The US Department of Agriculture recently predicted China's imports of the beans will jump to 69 million tons during the period, while putting import volumes for the current market year at 59 million tons.