China's soy imports to surge in Q1 next year

China is expected to import 12 million tonnes of soy in the first quarter of 2010, up two million tonnes from the previous quarter, thus creating a surplus.

China's soy imports in December was seen to hit a monthly record of 4.8 million tonnes while imports for January to March are likely to reach four million tonnes each month, according to the China National Grain and Oils Information Centre (CNGOIC).

The centre added that the 12 million tonnes of imports seen for China in the January to March period would mean an increase of 1.85 million tonnes from the same period this year.

On the other hand, it warned that although the large imports could prompt soy plants to raise crushing volumes, the consequent rise in supplies could put huge pressure on soymeal prices.