February 25, 2011

China confirms January soy imports at 5.14 million tonnes

China's soy imports in January fell 5% compared with December, to 5.14 million tonnes, but rose 26% from a year earlier, the General Administration of Customs said Thursday (Feb 24).

China's soy imports in February will likely be 3.17 million tonnes, revised slightly upward from an official forecast two weeks ago, the Ministry of Commerce said. If realised, the ministry's estimate for February would be up around 7% on-year.

Soy imports are expected to ease from last year's record-setting pace as US prices reach their highest levels in more than two years.

China is the world's biggest importer of soy and gets most of its supplies from the US, Brazil and Argentina, the world's leading soy producers.