Forecast for China's soy imports takes an upturn

From an earlier estimate of 4.58 million tonnes, China's Commerce Ministry has revised its forecast for December soy imports to a record 5.25 million tonnes.

The ministry's forecast for January imports was 3.3 million tonnes, up from an earlier estimate of 2.67 million tonnes.

Chinese buyers have been buying US soy enthusiastically over better crushing margins following a recovery of feed demand and a lower output of oilseeds domestically.

The ministry's initial figures also showed that 2.8 million tonnes of US soy was loaded for China in December and 2.24 million tonnes in January. The ministry's forecast, based on reports from buyers, fails to catch all shipments, but provides a reference for buyers to gauge supply.