China Nov. soy imports disappoint at 8.7m mt, 100m mt estimate in doubt

China imported 8.7 million mt of soybean in November, up 48% on October’s level and taking the total number of soybean imports this year to 86 million mt, up 16% year-on-year.

The world’s biggest buyer of soybeans is estimated to import 100 million mt in 2017, according to China's state-owned agribusiness COFCO.

However, that figure may now be questioned as to reach it would require the country to import 14 million mt in December alone – the equivalent of offloading more than 230 Panamax-sized vessels.

According to China-based analysts JCI, soybean imports in December are expected to reach just under 10 million mt, meaning the total will fall 4% short of the landmark 100 million mt.

The rise in imports comes amid tougher safety inspections ordered by the agriculture ministry after genetically modified soybeans were found in the human food chain.

The move, which involves much tougher checks on paperwork, is said to be delaying offloading of vessels.

Last year China imported 83 million mt.