December 22, 2003

China Soybean Arrivals Up in Last 10 Days

A surge in the number of arrivals in imported soybeans in December could great a temporary glut. In the first 20 days of the month, China received 34-35 cargoes of imported soybeans.

"The pace of imported soybean arrivals accelerated" from Dec. 11-20, said a trader from a Hong Kong-based oilseeds company.

"During Dec. 11-20, the cargoes arrived at the ports in southern, eastern and northern China, which could create a temporary glut, " said the trader.

By comparison, China received 12 cargoes of imported soybeans in the first 20 days of November.

The total arrival of soybean cargoes is likely to reach 42-45 cargoes for the whole of December, said the trader.

One cargo is usually a panamax size of around 55,000 metric tons of soybeans.

In November, China imported 777,431 tons of soybeans, 50% lower on year, Chinese customs data show.

China is the world's biggest importer of soybeans. Customs data show the country imported 19.2 million tons of soybeans in the January-November 2003 period, up 87% on year.