June 24, 2009
China revises down June soy imports estimate to 4.3 million tonnes
China's Ministry of Commerce revised downward its estimate of soy imports in June to 4.34 million tonnes from 4.617 million tonnes, a report on the ministry's Web site said Tuesday (June 23).
Despite the revision, June soy imports were still at a record monthly high.
High volumes of recent soy imports have sparked fears among market participants that supply will begin to pressure soy prices.
China imported 3.52 million tonnes of soy in May, up 1.2 percent on year.
The ministry issues these estimates twice a month, based on reports from importers.
Below is a chart showing the ministry's updated estimates and forecasts for the import volume of six agricultural products (numbers are in tonnes):
|
　 |
Estimate for June |
Estimate for July |
|
Soy |
4,340,586 |
3,558,321 |
|
Soyoil |
269,974 |
162,650 |
|
Soymeal |
0 |
0 |
|
Palm oil |
437,819 |
243,473 |
|
Rapeseed oil |
31,286 |
23,000 |
|
Rapeseed |
252,492 |
135,000 |
