January 13, 2011

China's January soy imports projected at 3.7 million tonnes

China's soy imports in January are estimated to reach 3.7 million tonnes, an upward revision from an earlier official forecast, the state-backed China National Grain & Oil Information Centre (CNGOIC) said Wednesday (Jan 12).

The upward revision suggests demand for the oilseed is still robust, primarily from cooking-oil processors, even as importers closed 2010 with a record intake of 54.8 million tonnes, up 29%.

The center noted that its January import forecast is higher than an earlier Ministry of Commerce estimate of 3.35 million tonnes.

CNGOIC's forecast indicates January imports will slow about 9% from a year earlier and 31% from December.