August 27, 2010

China's 2009-10 soy imports to hit record high

China's soy imports in 2009-2010 (from October 2009 to end-September 2010) are estimated to reach a record high of 50 million tonnes, according to the China National Grain and Oils Information Centre (CNGOIC).

China is expected to import 4.6 million tonnes of soy in August and 4.5 million tonnes in September, the CNGOIC said in the latest report.

Earlier statistics from the General Administration of Customs show China imported 40.93 million tonnes of soy from October 2009 to July 2010.

Based on the estimate, China's imports from October 2009 to end-September will come to 50 million tonnes, an increase of 21.7% from the previous crop year.

China's monthly soy imports dropped from a record high of 6.2 million tonnes in June to 4.95 million tonnes in July, statistics from customs indicate.