As soyoil and soymeal supply primarily relies on imported soybeans, China’s soybean imports have been in high gear this year. Soybean imports registered 4.71 million MT in June and 30.84 million MT in 2008/2009 by June, exceeding the same period of last year by 32% and 17% respectively.
Since the bulk of Northeast soybeans have been procured as temporary state reserve, Northeast crushers are short of raw materials. To keep crushers running, the government is likely to supply soybeans to Northeast crushers at a subsidized price. As state soybean reserve may be released in July ~ Sep., soybean imports may slow down correspondingly. Total soybean imports may be 39.1 million MT this year, 3% more than last year.
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