November 12, 2010

China raises November soy import forecast

The Ministry of Commerce (MoC) on Wednesday (Nov 10) raised its estimate of China's soy imports in November to 5.1653 million tonnes, compared with 4.6469 million tonnes estimated earlier.

China's soy imports arrived at 3.73 million tonnes in October, down 19.6% from September and hitting the lowest level in three months, according to statistics released by the General Administration of Customs (GAC) on Wednesday.

The country's soy imports are estimated to be between 55 million and 63 million tonnes in 2011 due to strong consumer demands and the increasing production capacity of oil enterprises in China, sources said.