January 19, 2011

China revises up January soy import estimate

China's Ministry of Commerce (MOFCOM) has raised its forecast for the country's soy imports to 4.55 million tonnes in January from a previous estimate of 3.35 million tonnes.

The figure was in line with estimates from the China National Grain and Oils Information Centre (CNGOIC), an official think tank, which put imports at about five million tonnes for January and 3.5 million tonnes for February.

The ministry did not give soy estimates for February.

According to the ministry's figures, soyoil imports in January were seen at 128,000 tonnes, down from its earlier estimate of 168,000 tonnes.