July 29, 2010

China's July soy imports may total 5.6 million tonnes

China's soy imports in July are likely to reach 5.6 million tonnes, the Ministry of Commerce said Wednesday (Jul 28).

The new estimate is 3.6% lower than the forecast made earlier this month. However, it would still be the second-highest monthly import volume so far this year, after last month's record 6.2 million tonne intake.

If realised, it would be a 27% increase from the same period last year, based on customs data.

The estimate is based on reports from importers during the June 16-30 period, and the regular forecast is usually lower than the actual import figure, as it does not include all cargoes.

Actual deliveries in the first half of July reached 2.775 million tonnes, and another 2.82 million tonnes are scheduled to dock in the second half.