September 10, 2009

China's commerce ministry has revised upward its forecast for the country's September soy imports to 2.5 million tonnes from a previous estimate of 2.11 million tonnes, while August imports were also adjusted slightly higher to 2.41 million tonnes, according to its latest report.

The low imports would help reduce the large port inventories, estimated at about 3.5 million tonnes at the end of last month, following a record level of imports in June and July, traders said.

Meanwhile, some crushers in southern China have halted operations due to large stockpiles of soyoil. Soy plants owned by Wilmar International and COFCO Co Ltd also have to cut retail prices by more than 10 percent.

The table below shows the ministry's latest estimate of arrivals of soy, soyoil, rapeseed and rapeseed oil reported by buyers by the end of August.