December 28, 2010

China revises down December soy imports

China's Commerce Ministry has revised its estimate for the country's soy imports in December to 5.4 million tonnes, down from its previous estimate of 5.8 million tonnes.

The December figure is the same as actual arrivals in November, indicating no slowdown of imports despite current poor crushing margins.

Some 2.64 million tonnes will arrive in the second half of December, slightly down from 2.76 million tonnes in the first half of the month as reported by buyers, said the ministry.

The ministry said buyers have reported 3.35 million tonnes of soy would arrive in January. The figure was much lower than analysts' estimate of five million tonnes and also lower than the 4.1 million tonnes that arrived in January 2010.

However, the ministry's figures, published twice a month, do not include all shipments but provide a reference to gauge supplies. The January figure may also be revised upwards the next time the ministry publishes the report, due in mid-January.