China's Q1 soy imports to top 12 million tonnes

China's soy imports will likely exceed 12 million tonnes in the first quarter of 2010, up 18.23% on-year.

This figure was based on a report released by the China National Grain and Oils Information Centre on Monday (Feb 1).

Domestic soy supply is expected to be ample given that amount of imports, the report said. The country imported 10.19 million tonnes of soy in the fourth quarter of 2009.

The state-supported think-tank estimated in the report that the soy imports would reach about 4.2 million tonnes in January and keep that figure in February. The imports in March are predicted to top 3.8 million tonnes if shipments from South America are on schedule.

China's soy imports amounted to 42.55 million tonnes in 2009, up 13.7% on-year, while the output is estimated to drop 6.7% to 14.5 million tonnes.

China is the largest soy importer in the world. It meets 70% of its soy demand by importing from other countries such as the US, Brazil and Argentina.