September 23, 2008

Soy import volume via Shandong port in China rises by 32.1 percent

Soy import volume via Shandong Port grew by 32.1 percent year-on-year to 4.613 million tonnes in the first seven months of 2008.

The import value surged by 2.3-fold to US$2.65 billion, with the average price at US$575/tonne, according to information released by Qingdao Customs.

The average soy import price in April, May and July all exceeded US$600/tonne.

Currently, China's self sufficiency in corn, wheat and rice has already surpassed 95 percent, while the degree of self sufficiency in soy is only at 30 percent.