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China to boost soybean imports

11/11/2012 @ 1:25pm

China's October soybean imports fell 19% from a month earlier to 4.03 million tons, but were stronger than the 2 million-3 million tons market participants had expected, as traders booked cargoes on strong domestic demand despite higher international prices.

Imports in November and December may also beat earlier estimate as buyers accelerated purchases on recent price declines on the Chicago Board of Trade, the state-backed China National Grain & Oils Information Center said earlier.

China is the world's top importer and buys about 60% of the world's traded soybeans. Its imports are expected to rise to a record 57 million tons this year, compared with 52.6 million tons last year, the CNGOIC said.

October imports rose 6% from a year earlier, the General Administration of Customs said Saturday. January-October imports totaled 48.34 million tons, up 16.6%.

Imports may grow 5%-6% in the next five years as growth for feedmeal and edible oil demand moderates, Chen Xuecong, vice general manager of China Grain Reserves Corp's edible oil unit, said earlier this week. Imports have posted double-digit growth in the past few years.

In October, China also imported 900,000 tons of edible oil, up 76% from a year earlier and 5% from September, customs data showed.

January-October imports rose 24% to 6.41 million tons.

Write to Zhoudong Shangguan at zhoudong.shangguan@dowjones.com

(END) Dow Jones Newswires

November 09, 2012 23:57 ET (04:57 GMT)

DJ UPDATE: China October Soybean Imports Fall on Month, but Beat Estimates->copyright

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