November 11, 2009

More optimistic outlook for China's soy imports

China's November soy imports will likely recover to 2.81 million tonnes, according to the latest report by the Ministry of Commerce.

The market had expected the figure at two million tonnes for October, the lowest monthly volume so far this year.

China is scheduled to release data Wednesday on October import volumes of some agricultural products, including soy.

The estimate, which was published on the ministry's Web site, was based on importers' reports during the October 16-31 period, and the regular forecast is usually lower than actuals as it doesn't include all cargoes.