China's Soybean Import to Rise
Analysts think the country will import 2 million metric tons in October.
Compiled by staff
Published: Oct 23, 2006
Due to higher demands, China's soybean import will rebound to about 2 million metric tons, according to analysts.
"Import arrivals were around 500,000 tons from Oct. 1 to Oct. 16, so most arrivals will be seen late in October," says Tu Xuan, an analyst at JC Intelligence Co.
Tu says the increase will come because "Crushing companies have increased purchases with demand for feed and soyoil expected to rise in the fourth quarter."
According to Chinese customs data, the country imported 1.79 million tons of soybeans in September, and Tu says November arrivals will continue to rise to around 2.4 million tons.
Soy prices have picked up lately as well. Imported soybean prices were up CNY20-CNY40/ton last week from the week before, to CNY2,500-CNY2,540, and domestic soybean prices rose CNY20-CNY60 to around CNY2,200-CNY2,300.
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