April 3, 2009
China April soy imports to reach four million tonnes
China expects to import as much as four million tonnes of soy in April, up slightly from the previous month and the highest level of arrival in seven months, according to a survey by an official grain think-tank Thursday (Apr 2).
China, the world's largest soy importer, purchased a record 4.1 million tonnes in September last year and estimates from the Ministry of Commerce have shown that March's imports reached 3.8 million tonnes.
China National Grain and Oils Information Centre (CNGOIC) stated in a report that Chinese crushers are likely to continue their strong imports due to the good margins on crushing imported soy.
Meanwhile, crushers in the inland province of Heilongjiang, the country's largest soy production region with no access to imports, have suspended operations in the past two weeks, prompting farmers to sell their remaining crop at lower prices.
The centre added that domestic soy prices would come under heavy pressure amid the huge soy imports and the large arrivals of soyoil in coming months.
