October 16, 2012

China to import 57 million tonnes of soy for 2012

China is expected to receive 57 million tonnes of soy imports for 2012, including an estimated 4.25 million tonnes for October.

The estimate is based on shipping data, the China National Grain and Oils Information Centre said.

Shipments for November and December may "exceed expectations," as US soy futures have declined sharply recently, it said.

At 57 million tonnes, the 2012 crop would be 8.3% higher than 2011. For October, the forecast volume is 11.5% higher on year but 14.5% lower on the month.

Soy imports in the 2011-12 crop year, which ended in September, rose 13.2% to 59.23 million tonnes, the highest level in eight years, the agency said.