Chinese imports of soybeans surge 10.7% in Jan

Imports of soybeans into China surged 10.7% in January compared to the same month a year earlier, according to customs data, totalling 8.48 million mt.

The figures are an improvement on the 7.66 million mt the world’s biggest buyer of soybeans imported in January 2017, but down on the 9.5 million mt delivered in December 2017.

The imports take the total volume of soybean imported in the October through September marketing year to 32.6 million mt.

That compares with 29.7 million mt in the corresponding period last year.

China's National Grains and Oil Information Centre said on Thursday it expects China to import 96 million mt in the 2017/2018 calendar year versus production of 14.6 million mt.

It estimated average import prices to reach $472.50/mt after tax.

The import figures come against reports that China is studying the impact of trade measures against importing US soybeans.

In a press conference on Wednesday, a spokesperson from the ministry of commerce said that there was no currently action against the import of US soybeans.