April 28, 2004

South American Soybeans Expected In China Shortly
 
The first cargo of South American soybeans is expected to arrive in China in the coming days, a trader from China's state-owned China National Cereals Oils and Foodstuffs Import and Export Corp., or Cofco, said Tuesday.
 
This means China has shifted its soybean demand from U.S to South American origin, and more South American cargoes are expected to arrive in China from May onward.
 
In April, Chinese soybean imports are forecast to fall to 1 million metric tons, a trader from a local brokerage house said.
 
Soybean imports in January to March are pegged at 5.41 million tons, 39% higher versus the same period in 2003, according to the official customs figures.
 
In 2003, China imported 20.74 million tons of soybeans, up 83% from 2002.