July 20, 2011

China's July soy imports seen at 5.2 million tonnes

China's July soy imports will likely rise 5% on-year to 5.2 million tonnes and remain flat at about 4.8 million tonnes in August, the state-backed China National Grain and Oils Information Centre (CNGOIC) said Tuesday (Jul 19).

Imports will likely slacken thereafter to around four million tonnes each in September and October, the CNGOIC said.

"In the short term, it's still going to be difficult to absorb these stocks at port warehouses," it said.

Port congestion in June delayed shipments of about 600,000 tonnes until this month. Soy shipments in the first half of the year fell 8% to 23.7 million tonnes.