Latest News:  
Beijing   Sunny/Cloudy    33 / 24 ℃  City Forecast

English>>China Business

China's monthly soybean imports hit two-year high

(Xinhua)

11:01, August 12, 2012

China's monthly soybean imports rose to a two-year high of 5.87 million tonnes in July despite an ongoing drought in the United States that has pushed up global soybean prices since mid-June, according to customs data released on Saturday.

Statistics from the General Administration of Customs showed that July's soybean imports increased by 4.4 percent from the previous month to reach 5.87 million tonnes, the highest monthly level since June 2010.

Chinese soybean importers have rushed to build up their stocks in the first half, as global soybean prices were lower than in the previous year.

In the first seven months, China imported 34.92 million tonnes of soybeans, up 20.1 percent year on year.

Analysts expect China's soybean imports to drop in coming months following a rebound in global food prices.

Chinese soybean refiners rely on imports for about 80 percent of their supplies, as foreign soybeans are much cheaper.

The US, the world's largest exporter of soybeans, corn and wheat, has been struggling since mid-June with the most severe drought to hit the country in more than five decades. The drought has driven soybean and corn prices to record highs.

Prices for soybean contracts on the Chicago Board of Trade have jumped 30 percent since the beginning of June.

Although a substantial decline in imports is likely, China's domestic soybean crushers will have enough supplies, as homegrown soybeans will be traded in the market starting from October and the government will release more reserves to ensure adequate supplies, the National Grain and Oil Information Center (NGOIC) said.

Chinese soybean importers may also turn to Brazil and Argentina for soybeans in the coming months, according to the NGOIC.

China's soybean imports from the US dropped below 700,000 tonnes in June.

Email|Print|Comments(Editor:厉振羽、姚春)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Regiment conducts equipment exercise

  2. Syrian refugees at Zaatari camp in Jordan

  3. CPI hits 30-month low amid easing calls

  4. Yi ethnic group celebrate Torch Festival

  5. Movie---The Locked Door

  6. Convenient, Artistic Cell Phone Photography

Most Popular

Opinions

  1. Editorial: Outbound investment risks
  2. Don’t be overwhelmed by domestic issues
  3. US pushes China to get serious about sanctions
  4. Obama diverts attention with Romney bashing
  5. Fearing others' rise offers path to eventual doom

What's happening in China

Dating websites lack supervision and management

  1. Death toll in E China reservoir breach rises to 10
  2. No child labor found in Samsung supplier: officials
  3. Smart, young rockers are electrifying
  4. Climate change will bring more heavy rains
  5. Naked guy is not our Party chief: local authority

China Features

  1. Boxing in China II: A Tale of Two Decades
  2. Fortune 500 Chinese companies not strong
  3. Why Hollywood favores China's actresses?
  4. Dongfeng Honda to recall 76,000 CR-Vs
  5. How to protect yourself during heavy rainstorms?

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai