February 16, 2010

China's February soy imports lower than expectations
 

In February, China is expected to import less than 3.5 million tonnes, lower than earlier market expectations of 4 million tonnes, according to local reports.

Imports may also go down further after the Spring Festival (February 13 to 18) as demand cools down.

The China National Grain and Oils Information Center previously predicted that the soy imports would likely exceed 12 million tonnes in the first quarter of 2010, with imports in January, February and March respectively at 4.2 million tonnes, 4.2 million tonnes and 3.8 million tonnes.

The country imported 3.26 million tonnes of soy in February of last year. Currently, soy purchases have progressed slowly in northeastern areas, China's largest soybean production base, and soybean imports received in the areas have been less than 300,000 tonnes this month.

Meanwhile, Shandong, Jiangsu, Zhejiang and southern China are constantly increasing their soy imports. They are expected to import almost 3 million tonnes this month.