China '09 soy imports likely to exceed 42 million tonnes

China's soy imports are likely to rise more than 12 percent this year to more than 42 million tonnes, a government think tank said in a report issued Monday.

Higher imports in November and December, projected at 3.8 million tonnes and four million tonnes, respectively, will help to push annual imports to a record high, the China National Grain and Oils Information Centre said in the report.

Lower imports earlier in the year led to a drop in soy stocks at Chinese ports to three million tonnes as of the end of October, down one million tonnes from the previous month, it said.

Soymeal prices are likely to fall as rising soy imports will lead to an easing of tight supply, while soyoil prices may rise towards the end of the year due to higher demand ahead of the year-end holidays and falling soyoil imports, CNGOIC said.