September 23, 2003



Report On China's Imported Soybean Cargoes

China received 16 cargoes of imported soybeans in the Sept. 11-20 period, local traders in China said Tuesday.


"According to our tracking report, 16 cargoes arrived at the ports in China in the (Sept. 11-20 period), slightly higher than arrivals in the same period of August," a trader from a Hong Kong-based oilseeds company said. China received around 15 cargoes of imported soybeans in the Aug. 11-20 period.


In the first 20 days of September, China is estimated to have received a little less fewer than 35 cargoes of soybeans.


"In the first 20 days of September, China received about 32-33 cargoes of soybeans, or about 1.85 million to 1.9 million (metric) tons," an analyst from a Dalian-based brokerage said.


No cargoes are expected to arrive in China for the rest of September.


China's interim rules on crops containing genetically modified organisms were set to end Sept. 20. The rules, which govern GMO imports, were recently extended to April 20, 2004. But before confirmation of the extension, soybean importers were reluctant to book cargoes, slowing down buying.


"China's soybean imports will come to a virtual standstill after Sept. 20, and could resume in late October or early November. Therefore, total imports in September could be limited to 2 million tons," an analyst in Dalian said.


In the 2002-03 marketing year (from October to September), China's soybean imports are seen to reach 19.5 million tons, according to the latest estimates from Chinese government-backed sources.