January 23, 2012

China's soy imports likely to reach 5.29 million tonnes

China's Ministry of Commerce (MOC) said in a report Thursday (Jan 19) that the country's soy imports delivered in January are likely to reach 5.29 million tonnes.

The estimate is higher than MOC's earlier forecast of 4.57 million tonnes.

The ministry also predicted that China would import 2.67 million tonnes of soy in February.

The report is based on importers' shipments from January 1-15. The MOC regularly releases its estimates twice a month and the figures are usually less than those from the General Administration of Customs as they don't include all cargoes.

The China National Grain and Oils Information Centre earlier predicted that China's soy imports in January were likely to fall 20.6% on year to 4.3 million tonnes, as the Spring Festival holiday (January 22-28) would be a major factor to affect soy shipments this month.

The MOC's estimated imports of soy for January and February are 5.29 million tonnes and 2.67 million tonnes, respectively, soy meal - 30,400 million tonnes (January) and 1,100 million tonnes (February), soyoil - 265,200 million tonnes (January) and 50,400 million tonnes (February), palm oil - 404,200 million tonnes (January) and 299,600 million tonnes (February), rapeseed - 202,600 million tonnes (January) and rapeseed oil - 104,500 million tonnes (January) and 21,400 million tonnes (February).