June 1, 2012

Chinese port's soy stocks reach nearly 6.3 million tonnes

Soy stocks at Chinese major ports reach almost 6.3 million tonnes, 700,000 tonnes higher than April 2012, according to China National Grain and Oils Information Center (CNGOIC) on Wednesday (May 30).

The port inventory of soy has increased significantly because market supply is eased with reserve soy being released to the market.

The Ministry of Commerce estimated last week China's soy imports would reach 7.23 million tonnes, sharply higher than its earlier forecast of 5.63 million tonnes.

The ministry also projected that 5.16 million tonnes of soy would be delivered to Chinese ports in June.

China sold out a total of 188,410 tonnes or 31.12% of 605,356 tonnes of the reserve soy it offered at an auction on May 24, and 22.82% of the 299,478 tonnes at an auction on May 8.