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China does not need U.S. soybeans for state reserves - Sinograin official

Reuters  |  BEIJING 

(Reuters) - China, the world's top buyer, can fully meet the needs of its state reserves without importing from the United States, an with the state stockpiler told state TV on Thursday.

The comments by Lu Xiaodong, of Sinograin, on CCTV come after imposed 25 percent duties on imports of U.S. soybeans last Friday, in retaliation over measures imposed on Chinese goods by U.S.

The steep duties on beans from China's No. 2 supplier threaten to raise costs for livestock farmers and potentially increase the price of pork, the nation's favourite meat.

Without U.S. soybeans, can import from and countries participating in China's Belt and Road initiative to satisfy its needs for state stocks, said Lu.

There are currently ample state stocks of soybeans, he said. The size of Beijing's stockpiles is not known.

The report follows comments made by earlier this week, which also sought to soothe concerns about supplies of the oilseed in

China's agriculture ministry cut its forecast for soybean imports for the 2018/19 crop year on Thursday, warning that higher prices due to trade conflict with the U.S. would curb demand as farmers switch to alternative ingredients for their animal feed.

(Reporting by Dominique Patton; Editing by Manolo Serapio Jr.)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 16:12 IST