May 9, 2008

China's April soy imports drops 10 percent on-year

China imported 2.39 million tonnes of soy in April, a person familiar with the data told Dow Jones Newswires Friday, down 9.8 percent from a year earlier.

The country also imported 910,000 tonnes of edible vegetable oil last month, the person said.

Soy imports in the first four months totaled 10.17 million tonnes, up 21.5 percent on-year while edible oil imports totaled 2.92 million tonnes, up 15.3 percent, the person said.

The government is scheduled to release initial trade data for major agricultural products Monday.

Meanwhile, grain consultancy firm Shanghai JCI Friday said China booked three-five cargoes of soybeans from overseas this week.

These cargoes, which were mostly from Argentina, are to be delivered in June, Shanghai JCI said.

The country booked four-six cargoes of soybeans in the week ended April 25, and two-three more cargoes during the Labour Day holiday last week.

The reduced number of cargoes comes after a rise in international freight fees and amid uncertainty regarding a possible resumption of a farmers' strike in Argentina, said an analyst at the firm.