June 15, 2007

More imported soybeans arrive in China's Jiangsu province in January-May 2007

According to Nanjing office of the Customs General Administration, 2.45 million tonnes of imported soybean valued at US$800 million had arrived at ports in China's Jiangsu province in this first five months of 2007, which is an increase of 11.3 percent and 35.1 percent respectively compared with the same period last year.

Market participants say that reduced supplies of locally-produced soybeans, recent appreciation of the Chinese currency which thus favours imports and the establishment of more soy crush plants by foreign companies in Jiangsu had contributed to the increase in imports during the January to May period.

RMB1=US$0.1311 (Jun 15)