Soy imports set to grow

Soybean purchases by China, the biggest buyer, may climb 7.7 percent this year to a record on growing demand, according to the State Administration of Grain.

Imports could rise to 56 million metric tons from 52 million metric tons last year, Nie Zhenbang, director of the country's top grain manager, said in speech to members of the Chinese People's Political Consultative Conference in Beijing.

Increased buying could also spur a 10 percent price rally this year. China's imports doubled in 2005-2011 as rising incomes and urbanization drove demand for meat, poultry and dairy products.