December 8, 2009

China revises December soy imports to 3.87 million tonnes

China's commerce ministry is expecting the country's soy imports in December to rebound to 3.87 million tonnes, the third largest monthly import in this year.

Meanwhile, the ministry in its latest report revised down November soy imports to 2.66 million tonnes from its earlier estimate of 2.86 million tonnes. A delayed harvest in the US, the world's top soy exporter, reduced the amount of arrivals for November.

Nonetheless, the ministry's estimate for December was still below that of a grain think tank, which expected a record 4.8 million tonnes.

Chinese buyers booked a large volume of US soy cargoes to take advantage of the record harvests there. However, some cargoes were delayed, which led to the tightening of soy supplies. Consequently, physical soyoil and soymeal prices were pushed up over the past week. 

The ministry's forecast, based on reports from buyers, fails to catch all shipments, but it provides a reference for buyers to gauge supply.