China's soy imports to take an upturn this year

China is expected to import more than fifty million tonnes of soy in 2010, higher than that in last year, according to Wang Yinji, general manager of Oils & Oilseeds Department at China National Cereals, Oils and Foodstuffs Corporation (Cofco).

 

Wang made that remark when he was attending the 2010 China-Malaysia International Palm Oil Conference & Exhibition.

 

 

In addition, the gap between world palm price and soyoil price in the international market had narrowed to only about RMB500 (US$73), so the market chooses to consume more soyoil, which also leads to the increase in soy imports.

 

Shang Qiangmin, director at the China National Grain and Oils Information Centre, estimated that China's soyoil imports may drop to 1.4 million tonnes in 2010 from 2.5 million tonnes a year earlier, and at the same time, the soy imports would rise to 47.5 million tonnes from last year's 41 million tonnes.

 

Cofco is one of China's state-owned foodstuffs import and export holding companies. Cofco Group is China's largest foodstuff processing, manufacturer and trader.