China is estimated to have imported 4.79 million tonnes of soya in January, the Commerce Ministry said on Sunday, upping its forecast from 4.55 million tonnes previously. February imports were forecast at 2.73 million tonnes, although the ministry is likely to revise this figure later.
The ministry's estimate was slightly lower than estimates by the China National Grain and Oils Information Centre (CNGOIC), at between 2.8 to 3 million tonnes for February. Many of Chinese soya plants would stop operation this week for the week-long Lunar New Year holidays.
The centre also expected March imports to stay low or at about 3 million tonnes, with imports for months from March to May lower than year-ago period after rising Chicago Board of Trade soya prices soured crushing margins for soya plants. China's General Administration of Customs is expected to issue preliminary trade data for January, including a soya import figure, on Monday, February 21.
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