January 13, 2012

China is likely to import 4.57 million tonnes of soy in January, down 15.6% from actual arrivals of 5.42 million tonnes in December, the Commerce Ministry said.

The projected January import level is also 11% lower than a year earlier, with part of the difference attributed to crushers shutting down during the Lunar New Year holiday, which falls in January this year.

The ministry's estimate is in line with that offered by traders.

The China National Grain and Oils Information Centre (CNGOIC) said Thursday (Jan 12) that despite the lower January figure, imports in the first quarter were likely to be higher than a year earlier.

The centre estimated January soy imports at 4.3 million tonnes.

The ministry's data, based on reports from buyers, fails to include all shipments but still provides a reference to gauge supplies.