June 26, 2013

China's soy imports are expected to rise 63% to a record 8.32 million tonnes in June, as compared to May, according to data from China's Ministry of Commerce.

'The China National Grains and Oils Information Centre (CNGOIC) published the details of the forecast in its daily market report on Tuesday (Jun 18).

Delayed shipments, caused mainly by port congestion in Brazil, led to a 12.2% fall in soy imports over the first five months of the year, and buyers are looking to replenish dwindling stockpiles.

The huge import volume in June is likely to hurt crushing margins, and may trigger cancellations by Chinese crushers.