September 28, 2010

China raises September soy import estimate

China's commerce ministry has revised up its estimate for soy imports in September to 4.9 million tonnes, the second largest level ever, lifted from an earlier estimate of 4.7 million tonnes.

Cheap South American soy imports, coupled with a capacity expansion, led soy plants to book more of the oilseed after record imports of 6.2 million tonnes in June.

Lower soyoil imports have also spurred imports of soy. Chinese buyers reported no soyoil cargoes to be loaded from Argentina in October, after imports from the world's largest exporter were suspended over a wide-ranging trade dispute.

The ministry's figures, published twice per month, fail to catch all shipments but provide a reference for buyers to gauge supply.