China slows soy purchases after record June imports

Chinese soy importers have slowed bookings of new cargoes after record-high imports in June and hefty purchases already made for July, the China National Grain and Oils Information Centre (CNGOIC) said.

China's June soy imports were set to hit a record of six million tonnes, with many ports reporting bulging inventories, the centre said.

However, soyoil trades remain thin. Demand in coming months was seen below normal because of ample supply, capping gains in soyoil prices. Soymeal prices rose slightly this week because of demand from some feed mills picking up.

Corn prices are under downward pressure on weakening demand from the flood-hit south. After the first US corn cargo was unloaded at Longkou Port, Shangdong, feedmills are willing to import more corn.