July 12, 2011

China's June soy imports sink 31%

China imported 4.3 million tonnes of soy in June, down 31% on-year, according to China's General Administration of Customs.

In the first half of this year the country imported 23.71 million tonnes of soy, down 8% on-year.

The China National Grain & Oils Information Centre said China will auction 300,000 tonnes of soy from state reserves Tuesday (Jul 12).

This will be the 15th batch of state soy reserves put under the hammer since December of last year.

Due to unappealing floor prices as well as soft demand from soyoil processing firms affected by the government's price caps on edible oil, China only sold out 11,100 tonnes of about 4.16 million tonnes of soy offerred at the previous 14 auctions.