March 1, 2012

China's soy crushers boost output 

China's soy crushers have lifted its production in recent weeks duet to improved crushing margins, which should boost soy imports, an official said on Wednesday (Feb 29).

Robust demand from China has already driven up CBOT soy prices to a five-month high this week.

Crushing margins have stayed positive for the past three weeks after a rebound in domestic prices of soy products, including soymeal, said the National Grain and Oils Information Centre at a report.

Farms have begun to restock hogs, which would spur demand for soymeal, the feed ingredient.

Stocks of imported soy have fallen to the low level of 5.7 million tonnes compared with 6.2 million tonnes during a year earlier and imports in February and March would remain at a low level, said the centre.

The centre earlier forecast imports in February to fall to 3.7 million tonnes from January's 4.6 million tonnes, while March imports were seen at four million tonnes.