December 10, 2004

China Jan-Nov Soybean Imports Down 6%

China imported 18.03 million metric tons of soybeans in the first 11 months of 2004, down 6% from the year-earlier period, the official Xinhua News Agency said Thursday.

Imports of edible oils in the 11-month period totaled 6.25 million tons, up 31.8% on year, it said.

The Xinhua report didn't provide an explanation for the changes, nor did it provide a breakdown of the edible oils.

In the first ten months of 2004, China imported 15.52 million tons of soybeans, down 15.6% over the same period last year.

Analysts have been expecting China to import 4 million-5 million tons of soybeans in the final two months in 2004, bringing full-year imports close to last year's record high of 20.74 million tons.

Chinese crushers are said to have bought more soybeans from overseas during the past few months when soybean futures prices on the Chicago Board of Trade were comparatively lower. These shipments are expected to arrive in November and December.