China's imported soy stocks hit record high

Soy stockpiles at Chinese ports have hit a record high of 5.6 million tonnes, almost double the normal level, the National Business Daily cited a soy trader on Wednesday (June 23).

 

Average soy stockpiles at the ports have reached 300,000 tonnes, and are expected to remain at the levels until July, said China JCI Agriculture, an agricultural information provider.

 

Chinese oil-pressing mills placed large amounts of orders at the end of last year when soymeal prices were at a high level, which all arrived in China during this period, said the source.

 

Meanwhile, many of China's oil pressing mills are cutting production on losses caused by the declining soymeal prices earlier, which is also a major reason for the surge in soy stocks.

 

China's monthly soy imports were all higher than four million tonnes from March this year, according to data from China Customs.