February 20, 2008

China's soy imports stable during Lunar New Year

Chinese soy importers booked an average of seven to nine cargoes in the past two weeks through the Lunar New Year holiday, an analyst at commodities analysis firm Shanghai JCI said Wednesday (February 20, 2008).

The level was unchanged from the amount booked in the week ended Feb. 1, according to JCI data.

China will increase soy purchases for state reserves to meet rising demand ahead of the Olympics, said analyst Tu Xuan, adding that the country's overall oilseeds output fell last year due to reduced acreage as farmers shifted to higher-profit crops.

Meanwhile, Xiao Jun, another analyst at Shanghai JCI, estimated that China imported 250,000-300,000 tonnes of soyoil in January compared with 189,206 tons during the same period last year. This means soyoil import was up at least 32 percent on-year.