June 24, 2008

China welcomes influx of overseas soy on dwindling supply

All ports in China welcome a peak in soy imports as the northeastern Heilongjiang province reports of a few soy stock left.

Deng Hongyu, analyst at the research and development centre of Heilongjiang Jiusan Oil & Fat Co., Ltd., the largest soy processing company in the province, confirmed the dwindling stock in June 19.

Heilongjiang is the biggest soy producing province in China with output accounting for 60 percent of the nation's total.

China's soy output in June is pegged at 16.5 million tonnes, according to China National Grain and Oils Information Center (CNGOIC).

In June, the East China Sea Oil Industries (Zhangjiagang) Co., Ltd. is to import 393,000 tonnes of soy.

A total import of 478,000 tonnes was made via the Port of Zhangjiagang, the largest river port in China, in the first five months of 2008.

Li Haihua from the oil and fat sales division of the East China Sea Oil Industries said that all ports will welcome a surge in soy imports.