8/30/2002 (Financial Times) - Analysts are no longer sure if soya futureswill match the record levels of late 1980s, with China expected to startharvesting a record soyabean crop in September and Indian soya productionbenefiting from regular rains since the beginning of this month.Still, the US Department of Agriculture forecasts that a fall in worldoilseed production will keep the prices of all seeds and oils high. USoilseed production is going to take a hit of 5.8m tonnes to 82m tonnes dueto unrelenting drought in many growing centres. Dry weather will alsoaffect rapeseed production in Canada and Australia, according to USDA.The Soyabean Processors' Association of India says the country's monsoonsoya production will be more than 5m tonnes against 5.5m tonnes in2001-2002. Earlier, it was feared that the 2002-2003 crop could be as lowas 4.5m tonnes.The land under soyabean, the country's second largest oilseed aftergroundnut, is down nearly 700,000 tonnes to 5.3m tonnes. But high pricesthroughout 2002-2003 could see a transfer of land from other crops to thisoilseed, according to traders.Unlike with soyabeans the Indian monsoon groundnut crop is principallygrown in the drought-prone western state of Gujarat, so officials thinkthe monsoon crop could be less than 2m tonnes, compared with 2.7m tonneslast year.Anticipating a domestic shortfall, the country's oil extraction industryhas called on the government to cut the import duty on oilseeds andliberalise its quarantine rules. China and Japan follow this practice.In the meantime, according to the Chinese National Grain & OilsInformation Centre, China's soyabean production in 2002-2003 will be arecord 17m tonnes, up 1.6m tonnes on last year.