January 21, 2008

China's soy import orders up sharply on lower freight rates

China's crushers booked 10-11 cargoes of fresh soy imports, all from Brazil and Argentina, in the week ended Jan. 18, up from three to four cargoes in the preceding week, said an analyst report by commodities analysis firm JCI Shanghai Monday (January 18, 2007).

"The slipping ocean freight rates as well as (lower price) offers are believed to be the main reasons driving Chinese crushers to make such large buys," said the report.

The shipments booked in the week to Jan. 18 are expected to be delivered in March and April.

China is the world's biggest soy importer. It mostly buys from the US, Argentina and Brazil.