November 3, 2010

China's October soy imports near 4.5 million tonnes

China's soy imports in October are likely to reach 4.5 million tonnes, above a forecast two weeks ago of 4.15 million tonnes, the Ministry of Commerce said Tuesday (Nov 2).

The official forecast is still lower than private-sector estimates, some of which say October shipments could reach 5.6 million tonnes.

Meanwhile, the ministry said it expects the world's largest soy importer to bring in 4.6 million tonnes of the oilseed in November.

Cargoes loaded from the US, the largest exporter, have increased, with October totalling 3.6 million tonnes, it added.

Soyoil loaded for China in October totalled 223,300 tonnes, mostly from the US and Brazil. No soyoil cargoes were reported from Argentina in October though China has resumed imports from the world's largest supplier.

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