China revises up May soy import forecast

China's Ministry of Commerce raised its soy import forecast for May to 4.79 million tonnes from 4.69 million tonnes, according to its latest data.

If realised, it would be a 36% increase from last May's 3.52 million tonnes.

The ministry did not give any reasons for the revision, but China's restriction of soyoil imports from Argentina, its biggest soyoil provider, may have boosted importers' interest in soy, which can be crushed for vegetable oil.

The estimate, which was published on the ministry's website, was based on importers' reports during April 16-April 30, and the regular forecast is usually lower than actual because it does not include all cargoes.

The ministry issues the estimates twice a month.