China sees 4.56 million tonnes of soy imports in March

China's Commerce Ministry expects soy imports to total 4.56 million tonnes in March, the third-highest monthly quantity ever and exceeding an earlier forecast of 3.3 million tonnes.

The figure was slightly lower than December's record 4.78 million tonnes.

Of the total imports for March, 2.66 million tonnes were expected to arrive in the second half of March, the ministry said in its latest report.

The large imports were likely to pressure the crushing margins of soy plants, which have seen soymeal supplies rise amid low seasonal demand for the feed ingredient. Low pork prices have also hurt restocking after the holiday.

The ministry's forecast, based on reports from buyers, fails to catch all shipments, but provides a reference for buyers to gauge supply.