October 26, 2010

China ups October soy import estimate

The Ministry of Commerce (MoC) raised its estimate of China's soy imports in October to 4.15 million tonnes, up 830,000 tonnes from an earlier prediction of 3.32 million.

The expected imports were higher than 2.5 million tonnes of imports in October 2009.

Soy imports in September 2010 came to 4.1476 million tonnes, compared with 2.7 million tonnes in September 2009, the MoC statistics show.

Analysts attributed the rising soy imports to expanding crushing capacity and declining soyoil imports. China imported 222,497 tonnes of soyoil in September and is forecast to import 129,000 tonnes in October, the MoC said.

Soymeal imports came to 12,200 tonnes in September and are expected to reach 246,000 tonnes in October.