China might import more soy in May, June

China, the world's largest soy purchaser, may proceed with its soy imports in May and June, hence limiting domestic price gains, according to COFCO Futures Co, the brokerage unit of China's biggest grain trader.

During the two months, inbound shipments may increase to about nine million tonnes which is based on the median estimate of five crushers in China surveyed by Bloomberg. China imported a record 13.9 million tonnes in the first four months of the year, according to the Beijing customs office.

Meanwhile, the Chicago Board of Trade (CBOT) soy futures were pushed to an eight-month high due to the Chinese imports and a drought-reduced South American crop.

Li Jianlei, an analyst from COFCO Futures, said increasing soy imports and slowing sales of cooking oil and meal produced from soy may restrict further price increases in China.