January 31, 2012

China's ministry increases January soy import forecast

The Ministry of Commerce of China stated on a January 19 report 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 to 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 Center 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 following table shows MOC's estimated imports of soy, soymeal, soy oil, palm oil, and rapeseed oil in January and February.