June 2, 2004

China Imported Around 27 Cargoes Of Soybeans In May
 
China imported around 27 cargoes of soybeans in May, traders tracking arrivals of imported soybeans said on Tuesday.
 
"About 10 or 11 Panamax-sized cargoes of imported soybeans arrived during May 21-31, bringing the total to 26 or 27 in the past month," a trader from a Hong Kong based oilseeds company said.
 
In April, China had imported about 17 cargoes, said the trader. One Panamax-sized cargo is about 55,000 metric tons.
 
China imported 1.23 million tons of soybeans in April, lower than the 2.21 million tons imported in April 2003, according to official custom figures.
 
Chinese traders were earlier expecting soybean imports in May to reach 30 cargoes. But arrivals proved to be fewer, with some suppliers banned from importing Brazilian soybeans after some cargoes were found to be tainted with a fungicide, said traders.
 
Imports in June, however, could reach 40 cargoes, another trader tracking soybean shipments said Tuesday.
 
In the October 2003-September 2004 marketing year, China's soybean import is forecast around 19 million tons, down from 21.42 million tons imported in the previous year, as poor crushing margins and recent credit tightening have discouraged crushers from booking soybeans.