News
17.09.2009
China forecasts a decrease in soybean imports
China National Grain and Oils Information Center (CNGOIC) predicted on Tuesday that the country's soybean imports in October will fall by less than two million tons from the previous month and may make a record monthly low since September of 2007.
According to CNGOIC's forecast, China's soybean imports will reach 1.8 to two million tons in October, while the imports in September have been estimated at about 2.8 million tons.
The latest data from the General Administration of Customs show that the country imported 3.13 million tons of soybeans in August, the lowest monthly imports in the past six months and down 29 per cent from July.
The price rise of American soybeans had forced Chinese soy oil enterprises to cut imports, CNGOIC noted.
Meanwhile, the center said that soybean imports are likely to go up in November and December, and may top four million tons in each month.
Currently, soybean stocks at Chinese ports hold at around 3.6 million tons. Therefore, The decrease of imports may help to relieve the stock pressure but will also cause shortage of raw materials for soy products processors as they need 3.5 million tons of soybeans a month to maintain their normal operation.
XIC
