Bloomberg News

China Increases Soybean Imports as Prices Decline, Center Says

October 10, 2011

Oct. 10 (Bloomberg) -- China increased purchases of soybeans and soybean oil after global prices slumped, state- owned researcher Grain.gov.cn said.

From the end of last month to the first week in October, domestic companies purchased a total of 22 cargos of soybeans and 80,000 metric tons of soybean oil, the center said in an e- mailed daily report without giving any comparative figures.

Most orders will be delivered next year, it said. Inbound shipments of soybeans due for delivery this year are estimated at 4.3 million tons, 5.2 million tons and 4.7 million tons for October, November and December, respectively, based on the orders placed so far, the center said.

Soybean futures for delivery in November advanced as much as 2.6 percent to $11.88 a bushel on the Chicago Board of Trade and traded at $11.86 at 5:15 p.m. Singapore time. Futures dropped 1.8 percent last week, extending their decline from September when they fell 19 percent. Soybean oil for December rose 1.9 percent to 50.27 cents per pound after a 1.8 percent drop last week.

--William Bi. Editors: Ovais Subhani, Richard Dobson

To contact the Bloomberg News staff on this story: William Bi in Beijing at wbi@bloomberg.net

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net


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