September 11, 2009

China's soy imports in November-December are likely to recover from the low levels in August-October to around 4 million tonnes each month, a government think tank said Thursday (September 10).

The country's soy imports in the last two months of this year are likely to be 4 million tonnes and 4 million-4.2 million tonnes respectively, said the China National Grain and Oils Information Centre in its latest report.

This, combined with expected imports of 7.2 million tonnes in August-October, will translate to full-year imports of 41.68 million-41.88 million tonnes, up 11 percent to 12 percent from a year earlier, according to the centre's estimates.

The lower soy imports in August-October will help support soymeal prices, although expected higher US output will pressure soymeal prices, it said.

Vegetable oil cash prices also face downward pressure in the near term on ample stocks from big imports and sluggish demand, said the centre.