China's fresh orders for soy seen to remain low 

China's new orders for imported soy are estimated to remain at low levels in the coming weeks until the end of April; yet imports in the succeeding month are expected to reach record highs. 

 

China, the top soy buyer, was likely to import between 4.6 million and 5 million tonnes of the oilseed in May. March imports were estimated at 4-4.2 million tonnes, according to the China National Grain and Oils Information Centre (CNGOIC).

 

China's restriction on Argentine soyoil imports is unlikely to cause tight domestic supply because of ample stocks and weak domestic demand. The restriction has pushed up physical prices.

 

Soymeal demand remained weak at feedmills, with supply at a surplus. Restrictions on Argentine soyoil imports could prompt more imports of soy, leading supply to remain excessive.

 

Farmers have increased sales of corn, but prices in the northeast and northern areas continued to rise. Higher-than-imported corn prices sparked import talk.