October 17, 2011
China has revised its estimate for soy imports in October to about 4.19 million tonnes, up from 3.36 million tonnes it previously set, China's Ministry of Commerce (MOC) said Friday (Oct 14).
The MOC attributed the sharp increase to processing capacity expansion for soy and a fall in imports of soyoil, which will create a considerable market demand for the product.
The earlier forecast was made on the basis of importers' reports during September 16-30 period.
Meanwhile, the China National Grain & Oils Information Centre projected that China will import 4.3 million tonnes of soy in October, higher than the 4.13 tonnes imported in September.