April 20, 2009
China soy import demand to fall in coming weeks
Chinese demand for imported soy will fall in the coming weeks as domestic supply is ample while global prices keep rising, according to a survey by a government think tank.
Soy imports in April-June are expected to remain high, resulting in ample domestic supply for the coming months, said China National Grain and Oils Information Centre in its note issued Friday.
China imported 3.86 million tonnes of soy in March, up 66 percent from a year earlier.
Meanwhile, domestic traders remained active in purchasing imported soy this week as the imported costs were still lower than the government's purchase price of domestic soy, although soy prices on the Chicago Board of Trade have reached three-month high, it said.
