RECORD U.S. SOYBEAN EXPORTS FUELED BY CHINA DEMAND-USDA

WASHINGTON, July 11 (Reuters) - The United States will export a record1.015 billion bushels of soybeans in 2001/02, driven largely byindications that China will continue importing large amounts of thecommodity, the U.S. Agriculture Department said Wednesday.The 1.015-billion-bushel export projection is up 20 million bushels fromthe previous month, USDA said in its latest World Agricultural Supply andDemand Estimates report.In 2001/02, China is projected to import 14 million tonnes of soybeans,USDA said, nearly matching China's 15-million-tonne production estimate.For 2000/01, China's soybean import needs were revised up this month to12.5 million tonnes, from the 11.5 million tonnes projected by USDA inJune.The estimate for U.S. soybean crush is also raised by 15 millionbushels, USDA said, to 1.66 billion bushels, mostly due to larger soymealexport prospects, particularly to Southeast Asia.USDA said soybean oil export prospects for 2001/02 are up sharply fromlast month, at 2.3 billion pounds, reflecting tightening global vegetableoil supplies and continuing demand in South Asia.Global oilseed production for 2001/02 is projected at a record 318.8million tonnes, down slightly from June's USDA estimate, but up 9 milliontonnes from 2000/01. The United States accounts for more than half of theyear-to-year gain, USDA said.