March 16, 2011

China raises March soy import forecast

China's commerce ministry revised up its estimate for March soy imports to 3.65 million tonnes from an earlier forecast of 3.16 million tonnes.

If realised, that would be a 9% fall from the 4.01 million tonnes of imports last March.

However, market participants expected imports would pick up from May, with volumes seen returning to the level of five million tonnes each month as crushing margins improved after the Lunar New Year.