November 2, 2011
Chinese crushers processed 1.3 million tonnes of soy into soymeal and soyoil last week, with crushers running at a higher capacity in the coastal areas due to improved crushing margins, the China National Grain and Oils Information Centre (CNGOIC) said Tuesday (Nov 1).
The centre expected the country's soy imports in November would hit 5.2 million tonnes, in line with its earlier estimate, but higher than 4.13 million tonnes in September, and 4.8 million tonnes for October estimated by the commerce ministry.
In November, 17 cargoes or about one million tonnes of soy were due to arrive at ports in Shandong province, the largest trading area for imported soy, said CNGOIC.
Commercial soy stocks have fallen to about 5.4 million tonnes as compared with 6.5 million tonnes in September, it said.
"Soy imports would pick up from October as stocks of pigs and chicken have increased, but overall demand (for soymeal) has not seen a big jump, the restock level was still lower than that in some good years," analysts said.
CNGOIC also estimates the country's soy imports in December at 4.7 million tonnes and 4.6 million tonnes for January.