February 1, 2011

China's January soy imports seen at 4.79 million tonnes

China is estimated to have imported 4.79 million tonnes of soy in January, the Commerce Ministry said Sunday (Jan 30), upping its forecast from 4.55 million tonnes previously.

February imports were forecast at 2.73 million tonnes, although the ministry is likely to revise this figure later.

The ministry's estimate was slightly lower than estimates by the China National Grain and Oils Information Centre (CNGOIC), at between 2.8 to 3 million tonnes for February.

Many Chinese soy plants would stop operation this week for the week-long Lunar New Year holidays.

The centre also expected March imports to stay low or at about three million tonnes, with imports for months from March to May lower than year-ago period after rising Chicago Board of Trade soy prices soured crushing margins for soy plants.

China's General Administration of Customs is expected to issue preliminary trade data for January, including a soy import figure, on Monday, February 21.

The Commerce Ministry figures based on reports by buyers fail to catch all shipment but provide a reference to gauge supplies.

February soyoil imports are seen at 88,003 tonnes as compared with 95,601 tonnes for January, according to the commerce ministry data. No buyers have reported loadings of soyoil from Argentina for January or February after 20,000 tonnes were reported for late December.